Daily Forex Chart Art – July 18, 2014


NZD/JPY: Daily

NZD/JPY: Daily


Careful, Kiwi bulls! NZD/JPY is currently testing the bottom of the rising wedge on its daily forex time frame and, with stochastic heading further south, it appears that a breakdown might be in the cards. If that happens, the resulting selloff might last by as much as a thousand pips, which is roughly the same height as the chart formation. Although risk sentiment appears to favor a downside break, be mindful of a potential bounce once stochastic crosses out of the oversold area.

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