BluetonaFX - NZDJPY Rising Wedge SHORT Idea

4 ต.ค. 2023

Hi Traders!

There is a rising wedge pattern on NZDJPY, which signals a possible reversal of the bullish trend we have seen over the past few months.

Price Action 📊

There was an aggressive upside price rejection candle followed by a momentum break below the 20 EMA. This shows that there may be new waves of bearish volume entering the market.

We are looking for a bearish break and a close below the support trendline.

Fundamental Analysis 📰

New Zealand left their interest rates unchanged, and the dovish statement from the RNBZ has left the NZD under some selling pressure.

Support 📉
87.094: PREVIOUS DAY'S LOW

Resistance 📈
89.251: PEVIOUS DAY'S HIGH

Risk ⚠️
No more than 2% of your capital.

Reward 💰
At least 4% of your capital.

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Trade safely and responsibly.

BluetonaFX