Hi,
I’m pretty new at forex trading, but i’ve been watching the NZD/JPY pair for a while and it seems to be in a pretty low low.
By that I mean that the stochastics shows it’s oversold, and there are some other indicators showing it’s downfall is starting to slow down.
thus here’s my question, do you guys expect the NZD to start trending upwards.
I know that next week there are 3 events in the forex calendar that might influence one currency or the other, here they are;
-sun aug 19 6:45PM (NZD) - visitor arrivals (0.8%) [if it’s higher then NZD should go up]
-mon aug 20 7:50 PM (JPY) - all industries activity index [actual data -0.3%]
-tue aug 217:50 (JPY) - trade balance [actual data 0.82T]
And then you have some tentative announcments, which I don’t know nothing about. So if you can guess out something out of all this mess let me know Otherwise, I’ll just watch what’s it going to look like without entering any long position .
I have been mostly trading the gbpjpy eurjpy and gbpusd. Just started to look at the NzdJpy. It will be interesting to see how the NzdJpy begins to trend. I think the Nzd is going to weaken and has started too but is the yen strong enough to continue a down ward thrust, Currently the NzdJpy has a pin bar with a higher close which is also around the 61.8 fib of 5/12/06 low of 67.81 and the high of 97.76 of 7/23/07. As you can see it has closed at a previous support and resistant area for the dailies.
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Otherwise, I’ll just watch what’s it going to look like without entering any long position .