Daily Price Action

Price Action Setups: NZDJPY, NZDCHF and AUDNZD


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We have been tracking NZDJPY for several weeks now. Initially it was to see if the double top from April to July would confirm. That confirmation came on September 29th when the market closed below the neckline at 85.85.

Yesterday I mentioned that we should watch for bearish price action around the 85.85 level. Sure enough, the market drifted higher today but only to break an ascending triangle that had formed on the lower time frames. This break provided traders with an opportunity to get short.

From here I like this market lower. Key support comes in at 84.0, however the measured objective from the double top comes in around the 82.0 level.

Summary: If you aren’t already short, any bearish price action below 85.85 can be used as a setup with a final objective around the 82.0 area.

nzdjpy 4 hour forex chart

Similar to NZDJPY, NZDCHF also closed lower today. However this pair put in a bearish rejection bar below the key level at .7485. This level has acted as support and resistance from some time now, especially starting in February of this year.

Summary: Opportunity to trade this at a 50% retrace of the bar or on a break of the low. A glance at the weekly chart gives me reason to believe that the pair may see the .710 level in the coming days or weeks.

nzdchf daily forex chart

AUDNZD analysis

audnzd daily forex chart


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