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.
About The Forex Analyst
I have been trading Forex and commodities for the past 3 years. [email protected] for further discussions.