NZDJPY Short
Updated
Newb here, no fundamental analysis done but I guess NZD recent highs will slowly lower as the trade war slowly hurts its exports.
Trying out my technical analysis skills. No harmonic pattern. The weekly shows it escaping a bearish wedge, doing a textbook retracement and finishing lower. I would expect it to keep going after this second retracement.
There is a weekly trendline and Resistance shown.
The MA divergence shown in the MACD Histogram reveals a slowing in price increase. This could foreshadow an EMA cross as the price bounces off the 55 EMA which doubles as .5 retracement. Price could also increase and bounce off the monthly pivot point resistance (red crosses) which doubles as .618 retracement. Could even break through to top of weekly trendline, but unlikely. Waiting for candles to confirm, but considering potential divergence from MACD as well (unless it repaints), I lean more towards a sell off.
Crosses are monthly Pivot Points.
Bold lines are 7, 20, 55 EMA
Dots are 200MA
Trying out my technical analysis skills. No harmonic pattern. The weekly shows it escaping a bearish wedge, doing a textbook retracement and finishing lower. I would expect it to keep going after this second retracement.
There is a weekly trendline and Resistance shown.
The MA divergence shown in the MACD Histogram reveals a slowing in price increase. This could foreshadow an EMA cross as the price bounces off the 55 EMA which doubles as .5 retracement. Price could also increase and bounce off the monthly pivot point resistance (red crosses) which doubles as .618 retracement. Could even break through to top of weekly trendline, but unlikely. Waiting for candles to confirm, but considering potential divergence from MACD as well (unless it repaints), I lean more towards a sell off.
Crosses are monthly Pivot Points.
Bold lines are 7, 20, 55 EMA
Dots are 200MA
Trade closed manually
Still not sure how I should set targets with my strategies. But i got a profit! I'm out.Note
Looks like I should have set a stop above consolidation, and put an entry below it for a bigger haul!
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