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Trading Strategy: Martin Momentum/Trendline and Martin Trend Trader
Update: Another winner on the charts! Everyone who took this trade setup I called won this trade! We also had another trader go 10/10 winning trades with this strategy! Get the 6 Momentum/Trendline Strategy indicators...
Price is approaching our first resistance (horizontal swing high resistance, 61.8% Fibonacci extension, 50% Fibonacci retracement) where we might see a drop below this level to our first support level (61.8% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish bias.
Trading CFDs on margin carries high risk.
Losses can exceed the initial...
. There is a possibility of temporary retracement to suggested support line (75.2). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. NZDJPY is in a range bound and the beginning of uptrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic support.
Bond yield inversion
Bond yields across the globe continued to decline this week, as bond traders offered the strongest indication yet that a global economic recession may be coming. The US ten-year bond yield dipped below the yield of the three-month Treasury bill for the first time in over seven years, while German and Japanese 10-year bond yields continued to...
NZDJPY is approaching its resistance at 75.44(61.8% Fibonacci extension , 38.2% Fibonacci retracement , horizontal pullback resistance) where it could reverse down to its support at 74.92 (61.8% Fibonacci retracement , horizontal overlap support).
Stochastic (21, 5, 3) is approaching its resistance at 96% where a corresponding reversal is expected. Trading CFDs...
After the loss on that pair from my analysis of March 16 2019, the pair moved in the direction expected. It has retraced form the low at 75.460 and is now retesting 76.000 zone.
That zone used to act as support and now is turned into resistance. if the pair fail to break the resistance, I see it make a new bearish leg to 75.150 - 75.300.
NZDJPY bounced nicely off its support at 75.70 (50% Fibonacci retracement, horizontal swing low support, 61.8% Fibonacci extension) where it could potentially bounce to its resistance at 76.55 (horizontal swing high resistance).
Stochastic (89, 5, 3) is bounced off its support where a corresponding rise could occur.
Trading CFDs on margin carries high risk....
NZDJPY is approaching our first support at 75.00 (50% Fibonacci retracement, Horizontal overlap support, 61.8% Fibonacci extension) and a strong bounce might occur below this level pushing price up to our major resistance 75.81 (61.8% Fibonacci retracement).
Stochastic (21, 5, 3) is approaching its support where a corresponding bounce could occur.
As mentioned on the NZD JPY analysis Jan 24th. "if we fail to break through the 61.8% (76.000) we could be looking to more downside movement"
and that is exactly where are. we can be looking forward to more down side on this, pair re-testing the lows of 72.280, Due to the un-employment rates released Statistics New Zealand being higher than expected.
AUDCHF is testing its resistance at 0.7129 (61.8% Fibonacci extension , 61.8 % Fibonacci retracement , horizontal overlap resistance) where a reversal to its support at 0.6970 (38.2% Fibonacci retracement , horizontal swing low support) may occur.
Stochastic (55, 5, 3) has reversed off its resistance at 98% where a corresponding drop may occur.
EURAUD bounced off its support at 1.5886 (61.8% Fibonacci extension, horizontal overlap support) where it could potentially rise further to its resistance at 1.6037 (23.6% Fibonacci retracement).
Stochastic (55, 5, 3) is testing its support at 1.1% where a further rise could occur.