From Investor to Scalper – series of studies created in cooperation with broker BDSwiss, in which we take a financial instrument and the analysis includes a detailed look at the value from the monthly chart and ending with H1/M15.
NZDJPY currency pair after lasting from January 2015 declines in June last year reached a very important support around 69.00 coinciding with the level of momentum 50% Fibonacci correction of the earlier six years of growth, where there was demand response. The rejection of this level resulted in increases but vast dynamics gained from November.
In result of these increases market is now in the vicinity of zone of resistance levels between 83.00 – 84.60. Despite the fact that in December there was a strong reaction of bears (blue down arrow), the market did not reject this level and further increases are still possible.
Looking on the daily chart we see, however, bearish formation of double top.
On H4 chart we see that the market reached yesterday vicinity of local support where was reaction of demand. The rejection of this level could lead to renewed increases, which once again could even reach the level of around 83.72.
Looking on 30 minute chart we notice that for increases could be continued, we would have to first overcome local support, which is currently tested and break out the top of the ongoing yesterday consolidation. If this level is defeated, the first supply response we expect already around 83.10 level.
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