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Chart of the Day
Chart of the Day − NZD/JPY
Fri, May 9 2008, 18:03 GMT
by James Chen
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend lines in red; chart pattern in yellow; 50-period simple moving average in light blue.)
5/09/2008 – NZD/JPY – After breaking down below a rather well-defined inverted pennant formation on the NZD/JPY daily chart, as shown, price action has just approached a significant long-term uptrend support line. This uptrend line is represented on the chart by the long, green line. With at least four separate touches with reversals since mid-2006, this line represents a significant dynamic support level. Another bounce up off this line, which is the current directional bias, should target resistance at the underside of the broken inverted pennant. A breakdown below the trendline, on the other hand, should target an important support/resistance level in the 75.00 region.
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Published on Fri, May 9 2008, 18:22 GMT
Archive
- Chart of the Day - AUD/NZD
Published On Fri, May 16 2008, 15:11 GMT - Chart of the Day - USD/JPY
Published On Thu, May 15 2008, 18:13 GMT - Chart of the Day - GBP/USD
Published On Wed, May 14 2008, 15:01 GMT - Chart of the Day - AUD/JPY
Published On Tue, May 13 2008, 14:37 GMT - Chart of the Day - EUR/CHF
Published On Mon, May 12 2008, 18:20 GMT
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