NZDJPY Trade Plan and Midterm Targets

23 дек. 2018 г.Fundamentals:

* According to the latest GDP data released last week, New Zeland’ Anual Growth eased from 3.2% to 2.6%. Markets are forecasting a 25bp cut in the Official Cash Rate in November 2019.
** NZD is under bearish pressure as a commodity-linked currency - see attached NZDUSD Forecast for the details -
*** Yen gets demand as a safe haven.

Technically:

Our last call was a short trade based on trendline breakout and pullback. We added short at 76.30 and closed the trades with 230 pips. - see attached -

https://www.tradingview.com/chart/NZDJPY/oOHCH5zM-NZDJPY-Minor-Correction-And-Short-Opportunity/

The main trend turned bearish from bullish. And the first main target is 73.43. My longterm target is 71.90.

Looking at the smaller chart timeframes, a Bullish Butterfly completed at 74.57 and a Bullish A Crab pattern is being printed that would be completed at 74.23.

A minor bullish correction towards 75.00 and 75.30 is predicted. We will use this potential pullback as a selling opportunity targeting 73.43.

We will send entry notifications to the members as soon as we get the clear signal.

Happy New Year !!