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NZD/JPY, Test of a key breakthrough. Long, if the diagonal endures

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NZD/JPY D D1 – Technical analysis

Our expectations: Breakthrough of the descending trend channel. At the moment is executed a test of the main diagonal. The strong price action in downward direction doesn’t allow counter of the impulse, that’s why we’re waiting for today’s closing, if the bar closes above the diagonal, that will give a reason to enter in long positions. The price is above the moving averages, which means forming of a new ascending trend.

Indicators:
50SMA crosses 200SMA in an upward direction – golden cross.
Fake breakthrough at 50% Fibo, the price goes back for a test at the diagonal, which gives good levels for entrance.
DeMarker is at neutral territory.

SL: 75.50 – Deliberately pulled so back.

Alternative scenario: If today’s bar closes below the diagonal and the price returns to the descending channel, it’s possible the short trend to continue.


 Trader Georgi Bozhidarov

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