NZDJPY facing bearish pressure | 05 Aug 2021
Appears that NZDJPY is currently approaching the horizontal swing high support in line with 161.8% Fibonacci retracement and 61.8% Fibonacci extension . We can expect price to resist off this level to plunge and take support at the horizontal swing low support at 76.098 which is in line with 61.8% Fibonacci extension and 100% Fibonacci extension . Our bearish bias is further supported by stochastic is shown to be approaching a hidden resistance level at 92.97.
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interests arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
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