A disappointing New Zealand GDT auction -3.9% combined with a larger reported trade deficit – NZ$ -1.19bn vs -550m expected could weigh on Kiwi .
I had the NZDJPY on the way up and I’m now turning my attention to the short side. My previous post can be read here and the one that got me buying here .
Plenty to like about this chart. Price stalled at the 61.8% of the July high-November lows (yellow areas) on two occasions and is now the area to beat for us to see further upside gains . We have broken under the trendline (green) over the past few hours and a short term double top is signaled if we breach the approaching red line around the 78.40 level below. I’m not the biggest fan of shorter term double tops or bottoms it must be said, but they all count and are worth considering if you take more of a macro view and are searching for shorter term positioning.
The current weakness in Yen across the board has to be taken into account here – Yet as as always…….Every cross pair has its own story to tell .
NZDJPY-H1
Here’s the re-post of the chart below that signaled caution on my long trade
NZDJPY-H1
The chart below shows my original entry . The links to my trade ‘journey’ are provided above .
NZDJPY-H1
Philosophy: "Trading rules.....it most certainly does"
Read how Horatio got into trading here
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