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NZD/JPY Breaks a Key Rising Trendline in a Double Top Attempt
In the daily chart, we see that the technical development essentially following this logic. Price stalled below the 89.92 high ahead of the RBNZ decision, and slide sharply after, breaking a rising trendline and thus showing short-term bearish outlook. Note that this rising trendline came up from 2012′s 59.95 low, the origin of a 2-year bull run. This is a key trendline that just broke, and now NZD/JPY looks poised to push toward the 85.85 support pivot. When you look at the daily chart, you also note that the 85.85 represents the based, or neckline of a double top pattern that is developing. What should we think ... (full story)