NZDJPY Analysis:
1. Weekly Time frame - Price is in a downtrend
2. Daily Time frame - Price looking to retrace to 50 fib level to close daily gap from May 2019
3. Two . blue lines, two pink lines are equal representing an ABCD pattern, with D about to form.
4. Price has touch trend and a possible morning star doji rests right around a previous major support zone.
5. Fundamental wise, NZD news for the week looks bullish. Building approvals has been more positive historically. JPY appears to be about to tumble.
6. Price upon news, may break above the day's doji and close gap.
Disclaimer - I am a novice trader, this is not a trade signal, this is pure analysis.
1. Weekly Time frame - Price is in a downtrend
2. Daily Time frame - Price looking to retrace to 50 fib level to close daily gap from May 2019
3. Two . blue lines, two pink lines are equal representing an ABCD pattern, with D about to form.
4. Price has touch trend and a possible morning star doji rests right around a previous major support zone.
5. Fundamental wise, NZD news for the week looks bullish. Building approvals has been more positive historically. JPY appears to be about to tumble.
6. Price upon news, may break above the day's doji and close gap.
Disclaimer - I am a novice trader, this is not a trade signal, this is pure analysis.
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See update on NZDUSD.