Following the technical
analysis of the Kiwi from yesterday, the cross NZD/JPY is likely to share the
same scenario. The pair also reached the 31.8% Fibonacci level as a correction
to the long bearish move. Additional resistance is seeing at the upper BB
currently at 62.10. The pair created a H1 Macd divergence which is likely to
add some bearish pressure on the cross. Lower than expected economic data from
the US could easily lead to a negative sentiment which definitely will cause
flight to safety. A sell order could be placed below H4 low at 61.82 while SL
should be placed above H4 high. Exit plane can include 2 targets, the first
near 61.50 and the second target near 60.80 or open. Don’t forget to keep low
risk as the market is very volatile lately.
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