Welcome to our newest feature; Trend Line Analysis. Our professional market technician showcases intraday / swing trade setups on a broad spectrum of FX currency pairs. The most effective way to use the setup are:
▪ If indicated price zone holds; consider partial profit taking between 20-40 pips before aiming for the maximum listed target.
▪ If the price zone fails to hold; we likely to see price moving against us. Fail means; the candle closing higher or lower to indicated price zone.
We are looking at a possible bullish pattern on the NZDJPY and as such would like the price to test right around to 81.00 handle to consider going long for an initial 81.6X run with potential move heading to or around 82.8X zone.
NZD over the past has been sold furiously; and yet seems, has no bottom in sight and more fallout can’t be ruled out. Rate cuts along with sluggish economy and fallout on the dairy prices all contributed to the lower NZD.
JPY on the other hand is not doing any better; with rates at all time lows and no expectations of any hike anytime soon makes a dull play on it.
We therefore only sketching a technical picture on the pair and with price currently fallen under the rising wedge is expected to test 81.00 handle and if it does; we like to consider going long with 81.6X followed by 82.8X as targets.
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