NZDJPY Forecast And Trade Opportunities
* According to the latest GDP data released last week, New Zeland’ Anual Growth eased from 3.2% to 2.6%. Markets are forecasting a 25bp cut in the Official Cash Rate in November 2019.
** NZD is under bearish pressure as a commodity-linked currency – see below NZDUSD Forecast for the details –
*** Yen gets demand as a safe haven.
Our last call was a short trade based on trendline breakout and pullback. We added short at 76.30 and closed the trades with 230 pips.
The main trend turned bearish from bullish. And the first main target is 73.43. My longterm target is 71.90.
Looking at the smaller chart timeframes, a Bullish Butterfly completed at 74.57 and a Bullish A Crab pattern is being printed that would be completed at 74.23.
A minor bullish correction towards 75.00 and 75.30 is predicted. We will use this potential pullback as a selling opportunity targeting 73.43.
We will send entry notifications to the members as soon as we get the clear signal.
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NZDJPY: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.