NZD/JPY: watch the resistance
NZD/JPY has performed well this month forming higher lows and highs. It was supported by the 50-day MA in July and took off from that level.
NZD/USD: bulls are trying to go higher
Recommendations:
SELL 0.701 SL 0.7065 TP1 0.6945 TP2 0.6905 TP3 0.685
BUY 0.706 SL 0.7005 TP1 0.7125 TP2 0.719 TP3 0.7285
On the daily chart of NZD/USD, bulls managed to pull the pair out of the downward channel. They are trying to push the pair to 50% and higher of the CD wave of the “Bat” pattern. To continue the rally, the pair needs to break the June high.
On H1, “Three Indians” and 1-2-3 patterns increase odds of the correction to the current short-term uptrend. Firstly, bears need to break the support at 0.701.
Ivan Karamazov
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