HomeForexEvery day Foreign exchange Information and Watchlist: NZD/JPY

Every day Foreign exchange Information and Watchlist: NZD/JPY


With risk-off flows kicking into excessive gear in the present day, I’m taking a look at a chance to hop on this bearish NZD/JPY development.

Will we see a pullback to the Fib ranges?

Earlier than shifting on, ICYMI, yesterday’s watchlist checked out EUR/USD’s short-term vary help bounce. You should definitely try if it’s nonetheless a legitimate play!

And now for the headlines that rocked the markets within the final buying and selling classes:

Recent Market Headlines & Financial Information:

Japanese family spending slumped by 2.3% vs. projected 3.2% drop

Australian NAB enterprise confidence index down from 16 to 10 in April

UAE Power Minister: Oil market is balanced, no want for OPEC+ to regulate

Chinese language Vice Premier reaffirmed nation’s zero-COVID coverage

China recession fears and Fed tightening hopes weigh on Asian markets

Italian industrial manufacturing stays flat vs. projected 0.1% dip

U.S. NFIB Small Enterprise Index at 10:00 am GMT
FOMC member Williams’ speech at 11:40 am GMT
FOMC member Waller’s speech at 5:00 pm GMT
FOMC member Mester’s speech at 7:00 pm GMT

Use our new Forex Warmth Map to shortly see a visible overview of the foreign exchange market’s worth motion! 🔥 🗺️

What to Watch: NZD/JPY

NZD/JPY 1-hour Foreign exchange Chart

I’m seeing plenty of risk-off strikes within the monetary markets in the present day, so I’m looking out for an opportunity to brief higher-yielding currencies.

Because it seems, fears about one other recession in China attributable to its tighter COVID-19 restrictions are sending merchants in the direction of the safe-havens.

This downtrend on NZD/JPY seems to be displaying a pullback alternative, because the 61.8% Fibonacci retracement stage strains up with a falling development line on the hourly chart.

This space of curiosity additionally occurs to coincide with the 100 SMA dynamic inflection level, which is beneath the 200 SMA to verify that the selloff may keep it up.

A shallow pullback would possibly even discover sufficient sellers on the 38.2% Fib to take NZD/JPY again right down to the swing low quickly!

Stochastic continues to be pulling larger, although, so there is perhaps room for an even bigger correction earlier than sellers take over.

 

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