D1 FRAME NZDJPY DOUBLE BOTTOM PURPLE TRENDLINE IF CAN BREAKOUT SAFE LONG TRADE
Price found support @67.5 making a Higher Low on the daily chart. I expect a Higher High from this point forward at least to the next historic Support/Resistance level @70.4 and maybe Price will flourish even higher close to 72.0 hitting the long term Down trend line.
NZD/JPY is making new lows and has currently broken the 200 EMA on the 4H chart. We have 2 reversed hammer one by the side of the other meaning there is strong weakness. For the next breakdown to begin right away, prices would have to not break the 200 EMA on the 4H chart (Which is the last high of the 2 reversed hammer candlesticks). If it does break the 200...
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Daily Candle Closes Bearish, SOLD @79.100. NEW resistance, Previous Support @ fair price levels
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Here is a setup that I watch where the market is testing the daily chart 200 sma. As long as price can stay above the 200 SMA then the likelihood increases for more upside.
NZD posted mixed figures yesterday, which continues the downtrend. It is entering my favorite area of fib retrace, that is inbetween 50.00% and 61.80%. I strongly believe it will consolidate around 61.80% and reverse. If not before. Waiting for confirmation over the next week.