Bottom supporting trendline, holding. + support structure.
*Don't forget about Brexit at the end of this month!
GBP -> BXY -> *could go either way -> Betting on BXY strength
+COT Data -> GBP = Strength
Add in USD -> DXY -> Bearish (weakness)
+COT Data -> USD = Weakness
Simple resistance based setup including an ascending channel with resistance trend/zone
Add in JXY (JPY*YEN) TA:
JXY -> Strength
+COT DATA -> JPY = Strength*
EUR -> EXY -> Has been weak and it's unclear where it's headed next
COT Data suggests that EUR will be losing strength and getting weaker supporting our EURJPY short trade.
Simple supportive trendline combined with support structure.
Add in DXY (USD) TA:
DXY -> Weakness
+ COT Data -> USD = Weakness
The EUR side of the equation is the question.
EXY TA -> could go either way
EUR COT Data -> Mixed
*Setup to watch for.
*Not an entry call.
Technicals alone show us UJ is ready for a move to the downside.
Cross Checking the USDJPY chart with DXY & JXY charts continues to support our short position.
And when checking the COT data we see that the majority of the big money is going long on the Yen and long on the Dollar.
We got a retest and the fundamentals + technicals look good!
USD should see weakness coming into the next week or so (as long as no one blows anyone up)
CAD should see strength continue to play out into the coming week or so.
Simple trade, good RR.
With everything going on globally you need to take any technical setups with a grain of salt.
Brexit, US/Iran, US/China Trade Deal, Failing Global Financial System, on and on...
Things are a bit chaotic at the moment.
Simple trade setup, simple technical analysis
Welcome to the new trading season of 2020!! I wish you a happy new year and a lot of success on your trading journey. The focused trading opportunity of the new week is EURNZD LONG TRADE.
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