Our Tables Show NZD As The Strongest Currency
Mon 2nd October 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- NZDJPY (Primary Focus Pair)
- NZDCAD (Covered In Video)
- USDJPY (Covered In Video)
Our Interest (pending order)/Open Interest (live position)
| NZDJPY (Long) | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Alert Set | 89.00 | ||
| Entry Price | |||
| Stop Loss (Min) | |||
| Stop Loss (Max) | |||
| Profit 1 | |||
| Profit 2 |
Risk warning: Trading carries a high degree of risk. Read more here.
Today our live proprietary strength vs weakness tables point to the NZD as the strongest currency as it appears as S1 (Strong 1) on both the trend and day traders tables.
On the weak side of the tables is the JPY at W2 (Weak 2) on the day traders tables and W3 (Weak 3) on the trend traders.
Our focus can turn to NZDJPY for potential long opportunities if price action agrees with our tables.
Price on the weekly time frame (W1) is working within a bullish channel which formed from the lows on 28th September 2020, with anchor point of 31st January 2022.
This bullish channel shows channel resistance at 92.00-94.00 which also holds confluence with horizontal resistance formed on the highs of 20th April 2015.
Looking at recent price action, and in particular the H4 time frame, we can see price is in an upward trend where it has also traded through the D1 (Daily Chart) resistance of 89.00 which could be used as support for traders looking to go long on this market.
On the H4 chart the 89.00 level holds confluence with a minor trend line support formed on the low of 21st September 23 and a 0.62 Fibonacci retracement.
If price were to retest the 89.00 support on this H4 time frame and form bullish price action we could look for long opportunities.
ALERT SET AT 89.00.
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Technical Observations:
- NZD is S1 and JPY is W2 on the day traders table.
- Price is in a strong upward trend on the H4 time frame.
- Buyers could be interested in longs from 89.00 level.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
