NZDJPY, H4 & Daily
The dollar faltered after the mix of data, where income was in line, spending a touch light, and jobless claims slightly lower than expected. Price indicators remained benign, likely the driver of modest dollar losses. USDJPY dipped to 110.45 lows, from 110.60, while NZDJPY ticked slightly up at 78.97, with improved risk taking levels however and a fading of N. Korea tensions seems supporting yen pairs.
The NZDJPY despite the pickup seen up to 79.90 due to geopolitics this week, seems that has turned again lower and it is ready to continue its downtrend channel seen since July 17. The NZDJPY is traded for a second consecutive day below the 200-Day EMA, while it is also below 20-Week and 50-Week MA for the last two weeks. However an important key indicator for a trend is the Bollinger bands pattern and the 20-Day MA, in which the pair did not manage to break upwards and therefore it is still moving on the lower Bollinger bands pattern.Therefore a SHORT Daily position was taken, which was triggered by the failure on breaking up the 200-Day EMA and also by the Crossing confirmed yesterday, with 20-Day SMA below 200-Day SMA. The entry was taken at 78.92, with Targets at 78.60 and 78.20 based on daily ATR(14). Support is at 79.50. The RSI is at 35, looking weak.
Click here to access the HotForex Economic calendar.
Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! The next webinar will start in:
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.