NZDJPY BEARISH
Fandementally the NZD is bearish due to the rising risk off sentiment. Adding to this New Zealand has also reversed the decision to increase interest rates. This could prove to be very bearish for the New Zealand dollar in the long run.
On the technical side of things we can see that nzdjpy has retraced to the top channel of the trendline. we can also see the tree moving averages which are the 200 m a 100 m a and 50 m all Iined up together. We can also see that nzdjpy has been overbought on the RSI. However price could still retrace to touch the trendline above before dropping down. We may see this delay in drop until the fed meeting tomorrow. The risk to reward on this trade especially if it hits the trend line above is very promising. However only enter with confirmation
On the technical side of things we can see that nzdjpy has retraced to the top channel of the trendline. we can also see the tree moving averages which are the 200 m a 100 m a and 50 m all Iined up together. We can also see that nzdjpy has been overbought on the RSI. However price could still retrace to touch the trendline above before dropping down. We may see this delay in drop until the fed meeting tomorrow. The risk to reward on this trade especially if it hits the trend line above is very promising. However only enter with confirmation
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.