I am a bull on Kiwi Yen

Market is relatively flal and price is bearish (5 is below 8), Price opened below MPP and is currently at MM1 which is a possible reversal pivot point.

Both the market and price are bearish.5 EMA is getting closer to 8 EMA. Stochastics is oversold and price opened just above M2 and seems to be reversing at WS1. I plan to enter at WS1 with a profit target of WR1. Along the way up however seem to be possible two levels of resistance. The first is at WPP which is possible role reversal from long term support and the second is at WM3/MM2 confluence.

Market and price are both bearish. Price opened at DM2 and is currently heading for DPP which is a possible lower high. I m a not entering on H1 since it is against may overall bias of buying NZDJPY.

One thought on “KiwiYen Long Setup07032017”

  1. Ryan Gandalf van Jaarsveld says:

    Hi Mpho

    The confluence of MM1 and WS1 is definitely support – notice though on the H4 chart that price has made a lower low after breaking support at 80.50 which means we expect Bears to sell at that 21. I am also expecting Bears to sell at 80.50 with that being the bottom of the previous range. The 21 and 55 on H4 tell me I can’t buy this unless I get some indication of a reversal pattern or a higher high with my trade plan being buying the higher low. H4 indicates that I would need to wait for a break of 80.50 with a plan to buy at 80.50 as support. H1 indicates that I might have an opportunity if price breaks above 80 with a buy at 80 as support. I prefer the H4 analysis though.

    Ryan Gandalf
    Coach @ MetaTraders.com
    Analyst @ Forex.Today
    Skype Ryan.Gandalf
    e-mail [email protected]

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