Look at NZDJPY which has potential to fall off a cliff and make a big move. SiMSCI could have topped with a very common reversal pattern. XAUUSD is also looking toppish and could turn out to be a disappointment to gold bulls.
AUD and NZD pairs show recurring, high probability levels on weekly charts, and have a lot of significance because of duration and number of hits.
We look at 6 yen crosses specifically GBPJPY, AUDJPY, EURJPY, CADJPY, NZDJPY and USDJPY using a number of methods to determine the best choice to trade.
Follows up the previous post ‘The Great SiMSCI 5-in-1 Confluence Signal’ with NZDJPY. Every element of a good trade present with slight variation in each.
Looking at NZDJPY and NZDUSD weekly charts showing prominent setups. This is my preparation for RBNZ official cash rate in 2 days, expectation of rate cut.
On a bigger picture look, we see that price has done a WR of a previous year high. With price above a crucial level of a 52 week high, we would be more inclined to buy. D1 shows 1234 Buy pattern On the D1 charts,
Big Picture (WK) Currently price is supported by previous year (2013) high Zooming In (H4) Following a Big Move, price is now retracing to previous support levels. So what now? If you’re looking to trade with the trend and trade inline with the BM, then