Evening Traders,
Today’s analysis – NZDJPY- trading above its Local S/R with a back-probable,
Points to consider,
- Price Action impulsive
- Local S/R Support
(.382 Fibonacci Confluence)
- 200 MA Support
- Swing High Objective
NZDJPY’s immediate price action is impulsive above Local S/R that is in confluence with the .382 Fibonacci S/R, this allows for a bullish bias.
The 200 MA Support has been respected with an expansion to a Swing High, exceeding this level is important for a bullish bias.
A Volume influx has confirmed a true break, follow through will be needed for a sustained trend.
Overall, in my opinion, NZDJPY is a valid long with a defined risk; price action is to be used upon discretion / management.
Hope this analysis helps
Thank you for following my work
And remember,
“If you have to win, if you have to be right, if you can’t lose or can’t be wrong, you will cause yourself to define and perceive categories of market information as painful.”
― Mark Douglas
Today’s analysis – NZDJPY- trading above its Local S/R with a back-probable,
Points to consider,
- Price Action impulsive
- Local S/R Support
(.382 Fibonacci Confluence)
- 200 MA Support
- Swing High Objective
NZDJPY’s immediate price action is impulsive above Local S/R that is in confluence with the .382 Fibonacci S/R, this allows for a bullish bias.
The 200 MA Support has been respected with an expansion to a Swing High, exceeding this level is important for a bullish bias.
A Volume influx has confirmed a true break, follow through will be needed for a sustained trend.
Overall, in my opinion, NZDJPY is a valid long with a defined risk; price action is to be used upon discretion / management.
Hope this analysis helps
Thank you for following my work
And remember,
“If you have to win, if you have to be right, if you can’t lose or can’t be wrong, you will cause yourself to define and perceive categories of market information as painful.”
― Mark Douglas
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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.
Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
blofin.com/invite/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
blofin.com/invite/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
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.