NZD/JPY 4H Chart: Bullish sentiment likely to continue - Trade Pattern Ideas - Dukascopy Bank
Fri, 02 Nov 2018 07:43:43 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD (12; 26; 9)
Buy
Buy
Sell
RSI (14)
Sell
Neutral
Neutral
Stochastic (5; 3)
Sell
Sell
Neutral
Alligator (13; 8; 5)
Buy
Buy
Sell
SAR (0.02; 0.2)
Buy
Buy
Sell
Aggregate
⇒
⇗
⇘
Bullish momentum has been dominating the New Zealand Dollar against the Japanese since the end of October. This sentiment began on October 26 and had since driven the currency pair towards September swing high of 75.50.
The exchange rate tested a resistance cluster formed by the combination of the weekly and the monthly PPs near the 75.29 area during the morning hours of Friday's session.
Given that the NZD/JPY currency exchange rate has breached the resistance cluster as mentioned above, the next target for bullish traders will be near the upper boundary of an ascending channel at 76.28 during the following trading sessions.
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