Hi Traders! We have NZDJPY possible double scenario forming. A detailed analysis of both the scenarios are as follows:
NZDJPY H4 Chart:
On the H4 chart we had a triple cycle to the upside and what we expect now is a double wave correction which will confirm the beginning of a new trend. Once we get a breakout after the double wave correction, we can go ahead and look for buys. However until it happens we could see that the trend is still bearish and we can now look for sells.
NZDJPY Daily Chart:
As I mentioned above, on the daily chart we could see that the trend is still bearish and we had a perfect downtrend line that has formed. Price has respected this downtrend line so far and we may expect the price to move lower again as long as there is no break above we may expect the price to reach the last low or may be even new lows to be created. We do have hidden bearish divergence that has formed which can be considered as a confirmation for this bearish momentum.
NZDJPY H4 Chart:
On the H4 chart we are trading the on going momentum and as long as there is no confirmation for the opposite direction, we can look for short term sells with the breakout of the most recent uptrend line.
Note: If you are going to trade the sell scenario – watch out for the bullish scenario mentioned above. If the bullish scenario is triggered then that would be a trigger for an exit.
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