NZD/JPY downwards movement canceled
The price broke the previous big main trend and started creating a little channel .
The same scenario is presented in my analyse few days ago,
The price broke the previous small trend and started moving downwards trying to reach the previous main trend. That trend must be respected again so the price reached the top of the Pitchfork formation tool.
Now the price is expected to move upwards, it maybe explosive, but after that movement downwards there are more chances that the price would go in a impulsive way upwards, trying to reach the resist level from that trend.
The same place where the price meets Pitchfork is also a support level created by the horizontal.
Good luck traders, hope you have a great trading week .!
Please leave a comment below !
The same scenario is presented in my analyse few days ago,
The price broke the previous small trend and started moving downwards trying to reach the previous main trend. That trend must be respected again so the price reached the top of the Pitchfork formation tool.
Now the price is expected to move upwards, it maybe explosive, but after that movement downwards there are more chances that the price would go in a impulsive way upwards, trying to reach the resist level from that trend.
The same place where the price meets Pitchfork is also a support level created by the horizontal.
Good luck traders, hope you have a great trading week .!
Please leave a comment below !
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