News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
GBP/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • $EURUSD https://t.co/KZyXX6p2oI
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Find out about the recent history of ISM data, how to track it, and how to trade its release here: https://t.co/MZtBh8pYG3 https://t.co/1zNf5dpDjU
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here: https://t.co/vg7w10la3j https://t.co/z8z6BNudn5
  • #PELOSI SAYS WE ARE GOING TO PASS THE INFRASTRUCTURE BILL THIS WEEK PELOSI SAYS SHE WILL NEVER BRING TO THE HOUSE FLOOR A BILL THAT DOESN'T HAVE THE VOTES TO PASS $USD $SPX $XAUUSD
  • Short-term uncertainties to keep the pressure on equity markets. Get your weekly equities forecast from @JMcQueenFX here: https://t.co/JLMDPZKvN8 https://t.co/YbdJnwoqj1
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkRxVw https://t.co/hqW38VawJl
  • - Unreal atmosphere - Shame about the result, but no complaints - Usyk masterclass - Heavyweight division blown wide open https://t.co/BKCLJTDk9h
  • The USD could still rally a bit from here, but has resistance not far ahead that it will need to overcome if it is to extend to a larger degree. Get your weekly $USD technical forecast from @PaulRobinsonFX here: https://t.co/n0CVWWOJDe https://t.co/0uLjsQ2gwM
  • When it comes to buying and selling forex, traders have unique styles and approaches. Learn about buying and selling forex here: https://t.co/D8DXSAdpqC https://t.co/nfiFAlyYXv
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here: https://t.co/Blrl0unrdT https://t.co/mIsVJ4zTbB
FX Reversals: NZDJPY Tests Daily Range

FX Reversals: NZDJPY Tests Daily Range

Walker England, Forex Trading Instructor

Talking Points

  • NZDJPY Approaching Range Resistance
  • Range Support Found at .8630
  • Trend Continuation on a S4 Breakout

AUDUSD 30min Chart

FX Reversals: NZDJPY Tests Daily Range

(Created using FXCM’s Marketscope 2.0 charts)

After a slow morning start, the NZDJPY is moving towards short term range resistance. Currently range resistance sits at the camarilla pivot line marked R3 in the chart above, near 86.73. Reversal traders should watch this value in the event that price turns after a test of the mentioned price ceiling. The current trading range measures 42 pips. Traders looking to take advantage of the morning range, may begin targeting support found at S3, near 86.31.

If the event that price moves through the previously defined range, a change in market conditions and trading plans should be considered. Currently final support for the NZDJPY lies at the S4 camarilla pivot near 86.11. A break below this value would create an intraday lower low back in the direction of the currencies primary trend. As well, a break above the R4 line of resistance line at 86.93, could signal a larger counter trend correction. In either event, reversal traders should consider concluding any range positions while looking for new opportunities in the markets chosen direction.

FX Reversals: NZDJPY Tests Daily Range

Are you unfamiliar with camarilla pivots and trading intraday market reversals? Feel free to catch up, on the latest information using the article series linked below!

Add Pivots in 3 Easy Steps

FX Reversals with CCI and Cam Pivots

Trading Intraday Market Reversals

Forex Breakouts and Pivots

Then, to practice setting up orders using Camarilla Pivots, register for a FREE Forex demo with FXCM. This way you can develop your scalping techniques while tracking the market in real time.

Click HERE to Register Now

---Written by Walker England, Trading Instructor

To contact Walker, email instructor@dailyfx.com. Follow me on Twitter @WEnglandFX.

To be added to Walker’s e-mail distribution list, CLICK HERE and enter in your email information.

Previous Market Setups:

FX Reversals: EURCAD Range Reversal

FX Reversals: USDJPY Breakout Update

FX Reversals: GBPUSD Market Breakout

FX Reversals: EURUSD Reversal Range

FX Reversals: AUDUSD Morning Breakout

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES