NZDJPY Short Trade Idea
On D1 - NZDJPY DBLHLC and BEOVB in the past several days, could be start of new bearish trend - after bullish trendline broke. There is resistance at broken trendline and SR at 77.75. Strong bearish volume a few days ago. Right now there is a reversal to break of trendline so could be a good entry retracement.
Entry is along SR, Trendline, and EMAs. NZD had a rally today after NZ activity outlook released, while JPY has been neutral against USD. I'd be betting on NZD rally to reverse at SR levels. There is a chance for a good RR. RSI indicates oversold levels.
I rate this a 2-3, mainly due to 2 PA signals. There's a lot of resistance to stop it price from moving to SL, but it is a volatile time of the year. Not sure if this is really a trend break, or if that's more of a flag formation forming. In between current price and TP is a SR level at 76.26.
Entry is along SR, Trendline, and EMAs. NZD had a rally today after NZ activity outlook released, while JPY has been neutral against USD. I'd be betting on NZD rally to reverse at SR levels. There is a chance for a good RR. RSI indicates oversold levels.
I rate this a 2-3, mainly due to 2 PA signals. There's a lot of resistance to stop it price from moving to SL, but it is a volatile time of the year. Not sure if this is really a trend break, or if that's more of a flag formation forming. In between current price and TP is a SR level at 76.26.
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