A quick update on GJ from my last post. My 1HR analysis wasn't 100% spot on but.....it was pretty close. The market closed below the 1HR demand zone I had drawn just to come down and reject off another demand zone at 131.800. (Check last post to see what I'm referring to). On the 4HR time frame however, the market came down retested that 4HR (orange) ascending...
We have a lot of confirmations that are telling us that GJ is going to push up.
Daily Time Frame
• Break of Daily Trend line
• Failure to create a lower low. Market created a higher low.
• Rejection off 50% fib level.
• MAC (Moving Average Crossover)
• Bullish engulfing that closed above the EMA.
4 Hour Time Frame
• Market structure was broken. HH and HL...
Daily Time Frame:
• Market has continued to respect the daily trend line .
• Market structure continues to create higher high's and higher low's.
• EMA (blue) is above SMA (red)
4 Hour Time Frame:
• Market broke and closed above demand zone .
• Market structure is creating higher high's and higher low's.
• Double bottom forming on 4 hour zone.
• 4...
So we'll break it down starting from the Daily time frame and we'll move our way down to the 1HR time frame.
Daily:
• Market Structure is continuing to create lower low's and lower high's.
• The simple moving average (red) is still above the exponential (blue)
4 Hour Time Frame:
• Market structure is still creating lower low's and lower high's
• We have a...
Reasons to sell NZD/USD
• Price broke and closed below the 4HR trend line
• MAC (Moving average crossing)
• Rejected and broke daily supply zone
• Retested daily supply zone
• Inverted head and shoulders on the DXY (USD index)
Sell whenever price retests the 4HR trend line and rejects off the 38.2 fib level. If price doesn't retest the 4HR trend line or the 38.2...
USD/MXN has tons of confluence right now.
Bounce off the Trend Line.
Bounce off the 88.6.
Bounce off the Demand Zone.
Bounce off the Monthly support level.
Double bottom on the 4H chart.
My opinion would be to go long but at the end of the day each person has the last say on what decision their going to make.
NZD/CAD is an excellent sell. Third bounce off the trend line. Broke through, closed below, and retested the CTL (Counter Trend Line) and bounced off the 61.8 Fibs.
