NZJPY Forecast and Trade Setup for the week ending 19th August, 2014

NZJPY Forecast and Trade Setup for the week ending 19th August, 2014

Monthly Chart

Weekly Chart

• Could be a double top for the year
• RSI is loosing momentum

Daily Chart

• Bounced of support with 200SMA, however nearest term resistance is holding

Hourly Chart

• Selling momentum is still very strong (just look at the chart with the straight verticle bars down, but on retraces are very choppy and hesitant. - this tells me, sellers are still in control.

Outlook Trade opportunity

Last week we had a good opportunity to short the market and benefited from it, for now, we would watch closely until market tells us or short scalps opportunity on rallies.

Risk Level __

Tips -

Always take note of any economical news event on our provided calender below