Nzdjpylong
NZD/JPY Bulls Rejecting BearsGood day, snipers. Here in the NZD/JPY, we can see an overall uptrend so I would only be looking for longs. Next is the long term support zone on the weekly time frame, combined with the short term support zone on the hourly time frame, and also in unison with the 50 Fib Level. Descent risk : reward ratio while risking only 10 pips. If price makes a lower low, I am out with -10 pips.
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NZDJPY H4 LONG PRICE ACTION FORECASTThe pair shows some bullish momentum with the New Zealand dollar. After the breakout of the previous support level, a retest over the broken level is expected before the uptrend continuation, allowing the setup of a long entry with a decent R:R
The order:
Type: buy-limit
S/L: 36 pips - R:R | 1:2 -
T/P: previous confluence zone from support and trendline
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NZDJPY | DAILY SESSION | LONGLooking for a drive back up towards the VWAP. This might be a patience game but we have a good stoploss at 70.300
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Strong: NZD
Weak: JPY
This trade is valid until 09/07/2020 @ 9 pm BST.
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NZDJPY long trade ideaPlan: wait for the price to bounce off from support level --> wait for the rejection candle pattern to form e.g. bullish engulfing, pinbar, etc --> BUY
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NZDJPY H1 LONG PRICE ACTION FORECAST As price managed to break its previous consolidation from the Asian session, remaining in a bullish trend, with the smaller exponential moving averages about to cross in a golden move in H4 domain, a long entry is placed
The order:
Type: buy-stop
S/L: 52 pips - R:R | 1:2 -
T/P: aiming towards the resistance
NZD/JPY Technical Analysis
The counter has been declining steadily ever since it hit the high of 71.663.
However, it has now found support the levels of 68.226 amid testing it twice.
It has formed a bullish pinbar followed by three white soldiers, which is a powerful reversal signal.
Further, it has crossed the bearish trendline with a strong bullish candle.
Hence, we expect the pair to move to resistance placed around 70.000 level.