We believe it is going up. The COT analysis tells us that the NZD still maintains its strength against a weak JPY, and it is at a very important support region, we expect it to gain momentum for a push up to complete the W formation its forming via market structure.
NB: RISK MANAGEMENT HIGHLY ADVISED
NZDJPY: Price is still in it UPTREND extending from March 2020 Coronavirus low, price has been trending up, taking out resistances and respecting structures moving forward, until last month when price eventually get to the 2018 resistance zone @ 79.10, where we saw sharp rejection which formed a Weekly PINBAR in the last week of the month of Febuary. After the...
As I said from my last post price will fill in this inverted hammer. As the hammer closed bullish so expect price to push there in which it did today and may continue through the first part of the trading week
Watch the pullback to the range and then buy it!!
Had a good weekend to be away from the city, and now back to do more analysis and chart work :)
Looking closely to NZDJPY, similar price action like AUDJPY and other JPY pairs.
We have a HTF double tops, and price made a false breakout, then quickly had a reversal impulse down.
Latest price is still consolidating and forming a potential...
since Jerome Powell stated that "there is no inflation" the market keeps betting against the FED and tries to poke Jeromes nerves with rising YIELDs.
This is obviously bad for equities, because higher returns provides a great alternative to Stocks, which is causing a strenght for the US-Dollar.
So why could a short NZD/JPY be choppy?...
NZD-JPY is trading in a rising channel in an uptrend
Now, the pair is retesting a support confluence
Therefore, I am bullish on the pair
And I think it will go UP
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Looking at this hourly order block for a potential position to the upside. Pending order set. Waiting to see how price plays out now!
Any questions feel free to ask!!
The ascending triangle as in all triangle patterns can be used as trend
reversals. It must be noted that the ascending triangle must form at a
key level of support or resistance, I like to use double tops or bottoms.
This pattern forms as price pushes into support or resistance and then
consolidates making equal highs and higher lows forming the ascending...