NZDJPY Daily Outlook - It’s the Memorial Day long weekend here in the US while the USD struggles to recover from the hits it took last week thanks to weak U.S. economic updates, continued expectations of unlimited support from the Fed, and rising tensions between the U.S. and China. Meanwhile, the Aussie dollar had mostly a good week thanks to Positive risk sentiment.
While most traders take a break on Monday in America, Germany will release its GDP and IFO Business Climate data.
Welcome to the Tickmill update, I’m Kiana Danial the founder of the Invest Diva movement. Make sure to subscribe to the Tickmill YouTube channel and support us by liking and sharing this video with your forex trading friends.
Today I’m looking at the NZD/JPY pair. After New Zealand reported zero Coronavirus cases, the Kiwi started to rise and it broke above the daily Ichimoku cloud last Wednesday.
It then saw a temporary pullback which is a common move after a break above the Ichimoku cloud. On Monday during early Asian hours, the pair started to bounce off the upper band of the cloud at 65.44.
If the bullish sentiment continues, we could see further gains towards the 50% Fibonacci retracement level of 67 in the medium term.
Do you think the NZD/JPY pair will go back to consolidation, or do you think a new bullish sentiment is here to stay?
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