As seen on:
ntv-logo sky-logo comedy-central-logo

Waiting for Reversal Lower

NZDJPY

Good day traders! NZD/JPY finally made it into the price zone that I first identified on the 31st of October. It has been a long wait, but price is now within the sweet spot where I’m expecting a reversal lower.

Ideally, I would like to see price interact with the upper blue median line of my Schiff pitchfork first, which currently lies around 70.54, followed by a reversal candlestick formation on my Daily chart (similar to the red arrows at previous highs). Also, note that a 0.618% Fib retracement level lies slightly above there at 70.59.

A more conservative approach will be to wait for price to reverse from within my price zone and trade back into that previous range. A break below the 69.68 level will be a good indication that a top might be in place with lower targets at 68.99 and 67.16.

Note: If price does not reverse lower and trades above the 71.00 level, then my trade idea will be invalidated.

Until next time, happy and safe trading!

Regards

Richard Krugel

by Richard Krugel November 28, 2019
0 1