Tues 1st November 2022

Today, Our Daily Currency Strength Weakness Video will focus on:

  • NZDJPY
  • NZDUSD

Charts Provided by Charles Clifton

Daily Analysis By Jon Kibbler

NZDJPY- Bullish Channel Continues?

In today’s currency strength video we identified that the NZD is S1 on both tables. The JPY is W1 on the trend tables and the USD is W2. 

The NZD has been on the strength side of the tables for the past 6 days highlighting the risk on in the markets. This has seen the JPY feature on the weak side of the tables for the past two weeks.

The RBNZ rate are currently at 3.50% and the New Zealand Central Bank has discussed further hikes to come. 

The BoJ are not willing to make a move in rates which is why the JPY continues to devalue. 

Currency Strength | NZDJPY | Daily Professional Trading Charts and Analysis | Forex, Indices, Commodities and Crypto Markets | Charles Clifton Forex Trader

Technical Observations

  • The NZD is S1 on the trend table and the JPY is W1.
  • Price is trading in a bullish channel on the Monthly chart. 
  • If the price respects the bullish channel we could expect the move to find resistance at the channel highs.
  • The price is trading above the 200 moving average.
  • If the market continues to the next resistance level we could see a trend form on the lower time frame.
  • Traders looking to go long in the market may look to identify breakout or higher low opportunities.

Stay up to date LIVE 27/4 Trading Calendar HERE