Here's What To Watch For
It's a new trading week and we're watching for some big moves this week. See our outlook for more!
Price has made a bounce from the key structure zone. Price is now finding upside capped by the 1H moving average ribbon, which is in a bearish cross and acting as resistance. The short term trendline is also acting as a resistance, all of whish tells us to look for downside early this week!
Price continued to fall, with the last three trading days each forming a fresh yearly low. Price is holding below the moving average ribbon, which is in a bearish cross now. We're eyeing downside to continue into the 61.8% fibonacci extension level at the significant price of 1.13000.
The 1H RSI is showing bullish divergence, and we're anticipating a pullback for price to retest structure. The ADX has decreased significantly, showing that this downside push has exhausted, also supporting the idea of a pullback.
Price has traded below the 500 day moving average for the first time since September last year. Is this just a deep pullback, or is it the trend reversing? Price is still capped by the short term resistance trendline, and the 50 MA is now in a bearish cross with the 100 & 200 MA's, indicating further downside.
Price is currently at structure resistance. Price may bounce from here and continue trending to the downside. The other setup we anticipate is a deeper pullback into the fibo golden pocket / trendline / 200 moving average resistance.
Price has retraced into the structure around the 80.180 level. The 50 day moving average also lies just under price as a support.
Price has formed a descending wedge pattern on the 1H Chart, which is a bullish corrective pattern. This ABCDE pattern indicates a strong likelihood of a bullish break from this level. This bullish bias is also supported by NZD/JPY Bullish Seasonality in November and December.