NZDJPY Daily Analysis for 20.06.2016

Guys, there is this trade I have been following for sometimes and going by my analysis, we are in for a long ride up. There are two technical considerations that made me conclude this as a good buy set up-one, there was a sharp price reversal from the lower support trend line, a support line which has been important for the past one month and secondly, the stochastics are swinging in from the oversold region with a gap u when the market opened today. I shall wait for price to close above that 100 Fibonacci level and initiate a long trade with my TP at 81.0-at the 61.8 Fibonacci level and depending on how today’s candle close, I shall place a 100 pip SL.

One thought on “NZDJPY DAILY ANALYSIS FOR 20.06.2016”

  1. callahan says:

    The wedge is getting smaller so a break out is on the cards. Thanks

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