I hope you had a nice weekend so that we can start the new trading week calmly and evenly.
After retesting the double top , I expect the downward trend to continue!
Look for reversal formations in LTF
S/L and targets can be found in the chart.
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Dyor and trade save, things can change!
NzdJpy is in a clear downtrend for 7 years now, with the pair dropping from 93 high to 60 low in spring.
After a normal correction/medium-term uptrend and a high around 72, the pair is in consolidation/distribution from the beginning of June.
Clear support is marked by 69 figure and a drop under this support would signal resumption of long term downtrend and a...
The price was closed below the 70.000 key psychological level leaving a doji candle. And currently ZNDPY has retested the 70.000 level and its unable to break firmly
We can sell this pair now and the swing target would be 68.900 and stop lose may placed above the 70.500 level
Entry point @ 69.900
Take profit @...
After peaking the September month high around 72.00 which is a key psychological level its felled towards 68.640 which is a low volume area and find some buyers and making series of Higher high higher low patterns.
From Sep-09 to Sep-18 it was trading in a range and felled below the range. I have marked some levels are acting as accumulation and...
The zone of 71.100-200 proves to be a tough nut for the pair.
Despite multiple attempts, the price is unable to break above it.
Further, the price action has formed an evening action star pattern at the resistance zone.
Hence, we expect the pair to be bearish in the near-term.
Currently, NZD/JPY is trading at 66.68. The pair is trading in an up trend from 18th May after breaking resistance level at 63.98. Although, the pair has already touched its resistance level and is now moving in a sideways trend. It may start a new down trend if it breaks the neckline at 66.40, the first target will be at 65.01, and the second target at 64.15.
As shown in the chart, a short term bullish move can be expected in NZDJPY, especially after positive news came of NZD's CPI announced earlier today. A short term upward move with the next resistance 65.050 levels can be expected.