Our Tables Point To NZD & JPY As Weak
Mon 14th August 2023 : Daily Forex Price Action
Today we’re looking at Trading Setups in:
- NZDUSD (Primary Focus Pair)
- EURJPY (Covered In Video)
- GBPJPY (Covered In Video)
Our Interest (pending order)/Open Interest (live position)
Risk warning: Trading carries a high degree of risk. Read more here.
The tables haven’t changed too much from last week. JPY remains a weak currency, although NZD now tops the tables as the weakest currency.
USD remains the strongest currency, meaning we could be looking for NZDUSD to continue its bearish trend lower.
Price continues to make lower highs and lower lows, offering us opportunities if price can form a lower high.
The H4 chart shows price forming resistance at the prior lows of 0.6050, this level holds confluence with a trendline resistance, as well as a 61.8 Fib level.
Traders could look to enter this on a sell limit order, however this is RISKY in these market conditions.
Instead we should set an alert at the level of resistance, and wait for price to react in order to trade with the market using a sell stop order.
