NZDJPY – since the beginning of the year, the pair has been moving in a 440p high bearish channel. On the first day of November, there was a dynamic overcoming of the channel resistance (upper limit) and the quotations started to grow. Yesterday the pair reached the supply zone 79.55 – 78.90 created in April this year. Yesterday’s falling day candle formed the maximum on the MACD oscillator and the quotations turned south.
On chart H4 the price is in the middle of the growth channel in which it has been moving since November 1. Due to divergences on D1 and decreasing MACD on H4, we can expect further decreases towards the support of this channel.
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