Every week we are looking at which currency pairs are moving and trending. What is worth following right now? We like to name these currency pairs “the star of the week“.
This time we are giving you a technical analysis for a currency pair that we really want to look at, the CADJPY. We will definitely watch this pair very carefully for the next few days.
Are you trading CADJPY?
Why I think CADJPY will be the star of the week
A quick look at the CADJPY currency pair
DAILY this pair has made a steady progression uphill for some time following an up trend line. It broke through the .270 at 83.808 half way to the 1.618 at 86.302 and back down to sit just above the .270. The rsi is just above the buy zone indicating further down movement until it reaches the buy zone and then it should move up to the 1.618 at 86.302 giving 211 pips.
HOURLY had a sizeable move down to half way between the .236 at 83.769 and the .270 on the fib scale. It moved back up to the .786 and with the rsi in the sell zone it should be ready to head down to the buy zone soon. This pair should reach the .382 at 83.913 giving 32 pips. If it goes to the .236 at 83.769 this would give 45 pips.
NZD USD in the news
NZD/USD has been trading on a bullish trend since the middle of March,when this pair came back from the dead, following the big crash from the coronavirus outbreak. This forex pair made a strong reversal during the second half of that month and after some slight upward momentum during April and May, the momentum picked up pace in June.FX Leaders think that MAs Keeping NZD/USD Bullish Again This Week
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Was this article helpful for you? What do you think of the USD MXN and EUR JPY currency pairs? I often use Pivot points in my analysis. I have already written an article where I explained in detail how target trading works.
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