The NZD/JPY pair is trading within the cloud. A failed attempt to move higher will push the market to exit the Kumo, confirming a bearish scenario.
Ways of trading AUD/NZD
2019-11-11 • Updated
BUY 1.0620; TP 1.0695; SL 1.0600
SELL 1.0700; TP 1.0620; SL 1.0720
SELL 1.0590; TP 1.0550; SL 1.0605
Although both the AUD and the NZD suffer versus the USD, it seems that, for now, the Australian currency is a bit stronger than New Zealand’s one. On the D1, AUD/NZD has managed to overcome the resistance line connecting the highs of 2018 and 2019 around 1.0540 (although on the W1 that hasn’t happened yet). The pair has also achieved a daily close above last week’s maximum in the 1.0615 area. There’s some scope for more advance: there’s the horizontal 200-week MA at 1.0700 is the natural target. AUD/NZD can reach this area and this is where sellers will likely reappear. The return below the highs of the last week will also provide a negative signal.
The NZD/JPY pair is now poised to exit the Kumo. If that happens, the currency pair will enter into a new bearish sentiment.
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