By: Dima Chernovolov
This technical analysis report is based upon a trade opportunity taken from Autochartist’s Market Reports.
Autochartist recently identified the daily Down Channel chart pattern on the NZD/JPY charts – as you can see from the following trade opportunity alert for this currency pair. NZD/JPY is expected to break this Down Channel and then to rise to the target level 77.58 in the next 2 trading days. Autochartist sets the stop-level for this forecast at 75.1065 (point A, the bottom of this chart pattern). This point was formed recently when the pair reversed up from the combined support area lying at the intersection of the strong support level 75.00 (which had previously reversed the pair sharply up in February and in June) and the 38.2% Fibonacci Retracement of the preceding weekly upward price impulse from November of 2011 (as you can see on the second chart below).
The following weekly NZD/JPY chart shows the aforementioned support levels:
To subscribe to the e-mail alerts feature is quick and easy. Log into the Autochartist platform, click on*‘Alerts & Messaging’, enter your email address, select the market you want covered, select your language, and the time you want to get your report, and you’re done! You will now receive a quick morning technical outlook of the markets.
For further information on this and other Autochartist products visit www.autochartist.com
Originally Published on FX Times
This technical analysis report is based upon a trade opportunity taken from Autochartist’s Market Reports.
Autochartist recently identified the daily Down Channel chart pattern on the NZD/JPY charts – as you can see from the following trade opportunity alert for this currency pair. NZD/JPY is expected to break this Down Channel and then to rise to the target level 77.58 in the next 2 trading days. Autochartist sets the stop-level for this forecast at 75.1065 (point A, the bottom of this chart pattern). This point was formed recently when the pair reversed up from the combined support area lying at the intersection of the strong support level 75.00 (which had previously reversed the pair sharply up in February and in June) and the 38.2% Fibonacci Retracement of the preceding weekly upward price impulse from November of 2011 (as you can see on the second chart below).
The following weekly NZD/JPY chart shows the aforementioned support levels:
To subscribe to the e-mail alerts feature is quick and easy. Log into the Autochartist platform, click on*‘Alerts & Messaging’, enter your email address, select the market you want covered, select your language, and the time you want to get your report, and you’re done! You will now receive a quick morning technical outlook of the markets.
For further information on this and other Autochartist products visit www.autochartist.com
Originally Published on FX Times
by InformedTrades via InformedTrades
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