Price has moved down to a key area from the daily TF. I saw momentum slowing on the 4h and then we created a range. I was expecting price to probe down before we can move higher to get the best price for buyers. This sudden move down also create divergence in the market. I took the trade with anticipation price is going to bounce from the 75.26 handle. I waited a little bit to see buyers start to show up.
I am waiting to see how the buyers perform before I place a TP. I anticipate this to be a decent move up. My only hesitation at the moment is JPY correlation. I show that JPY is strong and NZD is weak. But I am also seeing JPY is at key levels on all other crosses, so this tells me this could be a leading pair to start the JPY weakness.
Entry: 75.365
SL: 75.16
TP: to be determined.
I am waiting to see how the buyers perform before I place a TP. I anticipate this to be a decent move up. My only hesitation at the moment is JPY correlation. I show that JPY is strong and NZD is weak. But I am also seeing JPY is at key levels on all other crosses, so this tells me this could be a leading pair to start the JPY weakness.
Entry: 75.365
SL: 75.16
TP: to be determined.
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www.urbanforex.com/
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www.urbanforex.com/
Check out our in house strength meter app we use for all our analysis on the app store.
FX Meter : itunes.apple.com/us/app/fx-meter/id1286671384?ls=1&mt=8