Nzdjpyshort
NZDJPY NEW + UPDATED Hello Dear Traders, here is the full UPDATED Analysis / Breakdown for NZDJPY.
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💡 NZD/JPY 📉👋 Hello and welcome traders to another trade idea with Fobian
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👉 WE will waiting for SELL conformation:
- We have downtrend.
- MACD give us SELL signal.
- Candle close below ASIAN session.
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Keep in mind that the analysis provided is not 100% accurate and that you can never be certain with the markets. This information given is not financial advice, always do your own research.
NZDJPY - BEARISH BIASNZD - BEARISH
1️⃣ Risk-averse market environment at the start of the week provided a boost to the safe-haven USD and caused the Kiwi to fall sharply.
2️⃣ In the early Asian session on Wednesday, the RBNZ will announce its Interest Rate Decision and release the Rate Statement.
JPY - BULLISH
1️⃣ Trepidation about the global economic outlook as novel coronavirus infection rates continue to increase. Data from Johns Hopkins University on Sunday showed that cases have increased by at least 10% in 31 US states while European countries from Denmark to Greece announced new restrictions last to contain virus infections in some of their largest cities.
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TECHNICAL
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- We're keen to sell NZDJPY on SBR level on H1 chart.
- NZDJPY in bearish zone.
NZDJPY pre-market analysisIt's been a while since I've published anything, so here we go!
At the last week's close, price seemed to reverse upwards, so I need to find where it's going to end up.
I identified a downward trendline, and it crosses near the level that's associated with a prior consolidation period, so most would say that there's some sort of confluence going on here.
We now make a hypothetical trade, taking a recent high as SL, and the lower level of that side-ways move as TP.
And it has a lower than 1RR, which indicates that this trade is risky.
When a trade's risky, price will often move to its SL, right? Which leads us to the next step, which is moving our entry to match the previous SL
I hope that the market will drop after it has stopped out the people who took the 1st trade.
But I do have another setup in case that fails as well.
The rest of my thoughts are on the chart above for you guys to see.
Happy trading.
NZD/JPY Technical Analysis
The zone of 71.100-200 proves to be a tough nut for the pair.
Despite multiple attempts, the price is unable to break above it.
Further, the price action has formed an evening action star pattern at the resistance zone.
Hence, we expect the pair to be bearish in the near-term.
NZD/JPY Great Sell OpportunityAs you can see in D1 Chart, NZDJPY did a fake breakout (I Posted about it before) It did not continue up. so now it should continue it's consolidation again and it's next move will be Sell. As you can see it has retested the resistance where the fake breakout occured. it will now most likely head towards the 69.500 Level Now.
Comment if you have an alternate idea.
NZDJPY - BEARISH BIASNZD - BEARISH
1️⃣ Investors were cautious on news that AstraZeneca paused its late-stage trial of one of the leading COVID-19 vaccine candidates after an unexplained illness in a study participant.
2️⃣ Director General of Health Ashley Bloomfield reported six fresh cases of the novel coronavirus in New Zealand, all of which are linked to the Mt Roskill "mini-cluster."
3️⃣ Manufacturing sales in New Zealand plunged 12.1% year-on-year during the second quarter, posting the largest fall since the series began in 1994.
JPY - BULLISH
1️⃣ Traders sought the safety of haven assets following news that AstraZeneca paused its late-stage trial of one of the leading COVID-19 vaccine candidates after an unexplained illness in a study participant.
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TECHNICAL
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- We're shorting NZDJPY on SBR level + SMA100 area on H1 chart.
- NZDJPY still in bearish zone.
NzdJpy- False break can lead to a steep dropLast week NzdJpy traded for just one day above 71.50 resistance. The break proved to be a false one and a strong bearish engulfing followed.
Usually, false breaks announce strong reversals and I expect the pair to drop to recent rage support at 69 zone.
Sell trades around 71.50 have a great R:R