NZDJPY: starting the final sell wave of the Head and Shoulders.
NZDJPY is on neutral 1D technicals (RSI = 50.536, MACD = 0.110, ADX = 26.358) as the price is consolidating after a rebound on the 1D MA50. The rejection on the R1 Zone, is technically the Head of the Head and Shoulders pattern, a bearish formation seen on market peaks. This rebound is forming the Right Shoulder.
With the 1D RSI on Higher Lows for the whole year, we can't ignore the possibility of a fake Head and Shoulders formation, so the level which invalidates this is the LS overhead Resistance at 85.940. Under this, we will target the 0.236 Fibonacci level (TP = 81.550), which is a standard target for the price after rejections on the R1 Zone since April 2022.
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With the 1D RSI on Higher Lows for the whole year, we can't ignore the possibility of a fake Head and Shoulders formation, so the level which invalidates this is the LS overhead Resistance at 85.940. Under this, we will target the 0.236 Fibonacci level (TP = 81.550), which is a standard target for the price after rejections on the R1 Zone since April 2022.
Prior idea:
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
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Telegram: t.me/investingscope
investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.