NZDJPY SOMETHING BIGGER MAY BE UNDERWAY.
A near term top was called last week in NZDJPY but something bigger may be underway. The rate has seen its deepest penetration of 2 year trendline support. The line, when extended from the June 2012 top, exerted influence at tops. As such, the action at this trendline is a major development.
Near term, there are characteristics that make the current situation similar to January. Last week, 4 hour RSI dropped to its lowest level since January. Extreme momentum is typical towards the beginning or middle of the move…almost like an announcement that a new trend has emerged. In both instances, the initial decline dropped under pitchfork support. Indications at this point are that I’ll be looking to short near 88.50. 84 is a target area. 90 is stop.
sz-ventures.com
Near term, there are characteristics that make the current situation similar to January. Last week, 4 hour RSI dropped to its lowest level since January. Extreme momentum is typical towards the beginning or middle of the move…almost like an announcement that a new trend has emerged. In both instances, the initial decline dropped under pitchfork support. Indications at this point are that I’ll be looking to short near 88.50. 84 is a target area. 90 is stop.
sz-ventures.com
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.