This pair to me is screaming to sell either now or very soon.
Look how closely the price has respected the mid point of this descending channel.
It was a buy at the second leg of the double bottom, bulls will be taking profit soon and thus a retrace will be in order to retest the double bottom.
Picking between NZD and JPY, two of the weakest currencies is a risky endeavor and is best left alone.
This is a low probability buy that has a significant chance of consolidating before another run at the bottom of the channel.
The only benefit I see from a long here is the positive swaps you will collect.
Trade Safe and make your own analysis that meshes with your trading plan.
Look how closely the price has respected the mid point of this descending channel.
It was a buy at the second leg of the double bottom, bulls will be taking profit soon and thus a retrace will be in order to retest the double bottom.
Picking between NZD and JPY, two of the weakest currencies is a risky endeavor and is best left alone.
This is a low probability buy that has a significant chance of consolidating before another run at the bottom of the channel.
The only benefit I see from a long here is the positive swaps you will collect.
Trade Safe and make your own analysis that meshes with your trading plan.