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.

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
EUR/USD
Mixed
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
Oil - US Crude
Mixed
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
Wall Street
Bearish
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM73cHA https://t.co/vGW5BygTXU
  • When it comes to buying and selling forex, traders have unique styles and approaches. Learn about buying and selling forex here: https://t.co/xngExEdFdu https://t.co/kqpJ6oGXgt
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/F4dXbUzU3o https://t.co/G0ZWWVtSrZ
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfIZNKr https://t.co/5js6tWk5bY
  • The Euro has regained lost ground against its major counterparts recently. Are further gains in the offing or is this just a short-term countertrend correction? EUR/USD, EUR/JPY, EUR/GBP, EUR/NZD key levels. Get your market update from @DanielGMoss here:https://t.co/Z71MZEIJWC https://t.co/YAr1kN4eKd
  • Coinbase’s impending initial public offering could provide the necessary fuel for Bitcoin to push to fresh record highs in the coming days. Get your market update from @DanielGMoss here:https://t.co/twdu0zqmIM https://t.co/72HRMZlKUn
  • The Swiss Franc has positioned itself against key levels versus the Australian Dollar, New Zealand Dollar and Euro over the past week. Where next for AUD/CHF, NZD/CHF and EUR/CHF? Find out from @FxWestwater here:https://t.co/CrtQGzvWnm https://t.co/j5Zjn5zY0D
  • (Weekly Fundy) Australian Dollar Forecast: AUD/USD May Rise as Dovish Fed Calms Yields, US Dollar $AUDUSD #AUD #USD #Bonds #Fed https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2021/04/17/Australian-Dollar-Forecast-AUDUSD-May-Rise-as-Dovish-Fed-Calms-Yields-US-Dollar.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/gQDr5fBosb
  • The Japanese Yen and Swiss Franc may outperform the US Dollar amid rising long bets in USD/JPY and USD/CHF. But, broader uptrends since January could still remain in play. Get your market update from @ddubrovskyFX here:https://t.co/Qpeuuyrxhj https://t.co/EfgW9aj7wo
  • Bitcoin struggled to maintain a push into record highs and appears to be vulnerable to a near-term pullback. Litecoin and Ethereum saw more aggressive gains, will their momentum accelerate? Get your $btc market update from @ddubrovskyFX here:https://t.co/f5d7qs5j3z https://t.co/xxMX4YFKCC
NZDJPY Reversal Underway- Scalps Target Key Support at 88.20

NZDJPY Reversal Underway- Scalps Target Key Support at 88.20

Michael Boutros, Strategist

Talking Points

  • NZDJPY signals near-term reversal off July high
  • Scalps look to sell rallies
  • Event Risk on tap next week from New Zealand & Japan

NZDJPY Daily Chart

NZDJPY Reversal Underway- Scalps Target Key Support at 88.20

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • NZDJPY weekly & monthly opening ranges break- bearish
  • Interim support 88.20/33- Break targets objectives at Aug TL support, 2012 TL support, 8730
  • Resistance at 88.67, 89.45/50, 89.91- bearish invalidation
  • Daily RSI support trigger break on building divergence in price- bearish
  • Event Risk Ahead:RBNZ rate decision, Trade Balance & Japan Trade Balance next week (7/23)

NZDJPY 30min Chart

NZDJPY Reversal Underway- Scalps Target Key Support at 88.20

Notes: A break of the weekly opening range low yesterday shifted the bias to the short-side of NZDUSD with the resulting sell-off now pressing below the July opening range low a t 88.67. The pair rebounded off of near-term support today at 88.20/34 and shorts into this region should be treated with caution until the break.

Bottom line: look to sell rallies while below 89.15 (weekly ORL/61.8% retracement) with a break below 88.20 targeting subsequent support targets into 87.30. A breach above 89.15 puts us neutral with only a breach above 89.55 shifting our focus back to the 2014 high at 89.90 and beyond.

Caution is warranted as we head into event risk next week with the RBNZ rate decision and trade balance coming out on the on the same day as the Japanese trade balance figures. Follow the progress of this trade setup and more throughout the trading week with DailyFX on Demand.

* It’s extremely important to give added consideration regarding the timing of intra-day scalps with the opening ranges on a session & hourly basis offering further clarity on intra-day biases.

Key Threshold Grid

Entry/Exit Targets

Timeframe

Level

Technical Relevance

Resistance Target 1

Daily / 30min

88.65/67

23.6% Retracement / July ORL

Resistance Target 2

30min

88.84

38.2% Retracement

Resistance Target 3

30min

89.00

50% Retracement

Bearish Invalidation

30min

89.15

Weekly ORL / 61.8% Retracement

Break Target 1

30min

89.38

78.6% Retracement

Break Target 2

Daily / 30min

89.55/66

Weekly ORH / July High

Break Target 5

Daily

89.90

2014 High

Bullish Invalidation

Daily / 30min

88.20/34

1.732 Ext / Wkly Low / 38.2% Retrace / June Pivot

Break Target 1

30min

88.00

50DMA / ~ August TL Support

Break Target 2

30min

87.75

50% Retracement

Break Target 3

Daily / 30min

87.30

61.8% Retracement / April Lows

Break Target 3

30min

86.66

78.6% Retracement / ~ 2012 TL Support

Break Target 4

Daily / 30min

86.28/29

78.6% & 88.6% Retracement(s)

Average True Range

Daily (20)

51

Profit Targets 13-16pips

*ORH: Opening Range High

*ORL: Opening Range Low

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

For updates on this scalp and more setups follow him on Twitter @MBForex

To contact Michael email mboutros@dailyfx.com or Click Here to be added to his email distribution list

Join Michael for Live Scalping Webinars this week Tuesday – Thursday on DailyFX Plus (Exclusive of Live Clients) at 15:30 GMT (11:30ET)

Interested in learning about Fibonacci? Watch this Video

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

DISCLOSURES