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26.02.202110:57 Ανάλυση και κριτικές Forex: NZDJPY facing bullish pressure, potential for further upside!

Exchange Rates 26.02.2021 analysis

NZDJPY is facing bullish pressure from 1st support at 77.685, in line with 61.8% fibonacci retracement, horizontal swing low support and 127.2% fibonacci extension. We could see a bounce on the 1st support level towards the 1st resistance at 78.493 which coincides with the 61.8% retracement level, 161.8% fibonacci extension and horizontal swing high resistance. Stochastics is also suggesting that the price is bullish as it has just bounced off support level at 10.60.

Trading Recommendation

Entry: 77.685

Reason for Entry:

61.8% fibonacci retracement, 127.2% fibonacci retracement, horizontal swing low support

Take Profit: 78.493

Reason for Take Profit:

Horizontal swing high resistance, 61.8% fibonacci retracement, 161.8% fibonacci extension

Stop Loss: 77.073

Reason for Stop Loss:

Horizontal swing low support, 61.8% fibonacci retracement

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert
InstaForex Group © 2007-2021
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