NZD/JPY turned down

NZD/JPY turned down

2019-11-11 • Updated

Trade idea

SELL 71.90; TP1 71.75; TP2 71.40; TP3 70.90; SL 72.20 

NZD/USD has turned down on July 22 and retraced more than 38.2% of the June-July advance. A “bearish engulfing” pattern was formed on W1. This likely means that the overall downtrend has resumed. The pair has support at 71.75 (50% Fibo, 50-day MA). A decline below this level will open the way down to 71.40 (61.8% Fibo) and 70.90 (78.6% Fibo).  

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