NZD/JPY has maintained a bullish pattern of higher highs and higher lows, this morning hitting new highs. Stochastics are poised to cross higher, which would be confirmed tonight by a close above 88.000. With daily and weekly MACDs above their zero lines, we expect extension of the uptrend to next major resistance at 97.793, the July 2007 high. Any setbacks will be limited in time and extent, with first strong support at 86.331, the March 17 low, which is also the 'last significant corrective low'. We will recommend a new long tonight on a close above 88.00, targeting 97.00, with the stop initially at 86.00.
Forex and stock traders are looking for the consistently wrong investor, trader and take the opposite position. This will obviously lead to winning trades for them. All traders have read trading books that point out that increasing volume is good for the continuation of the trend. Many new stock traders will try and fight the trend.
No comments:
Post a Comment