Wednesday 13 August 2014

NZDJPY



NZDJPY 1Hr

The NZDJPY is currently in a strong down trend on the 4hr and is at the trend line from the June high. It has completed an ABC pattern and is also at the 61.8 fib retracement  level from this months high. It is also at a past support future resistance level and the length of wave A is equal to the length of wave C which has an inner 5 wave up move signalling the end of wave C.
Prices are expected to fall however if prices close above 86.91 the up move may continue to as far as 87.28 before finding strong resistance. A key level to watch is 86.55 if prices fail to close below 86.55 the up move is likely to continue if prices however falls through this level that would indicate that the bears are in control and the next levels to look out for would be 86.17 and 85.79.


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