Home Technical Analysis NZDJPY: Significant breakout on the way

NZDJPY: Significant breakout on the way

0
0

In our latest technical comment on the NZDJPY pair (published on May 20), we the downside pressure might persist.

The pair slide again after re-experiencing SMA20, which intersected with the key Fibonacci resistance of 61.8% as seen on the provided daily graph.

nzdjpy-29-05-2015-fxcomment-update

Currently, eyes are on 87.85, marked by Fibonacci 38.2% after clearing 50% earlier.

The negative sign on ADX in addition to the bearishness appearing on RSI, which fell below its momentum support, argue us to remain bearish on the NZDJPY pair.

A breakout below 38.2% will expose the soft technical objective of our analysis at 86.40, while re-visiting 84.05 is likely.

(0)

Amir El-Araby Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

LEAVE YOUR COMMENT

Your email address will not be published. Required fields are marked *