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Today was marked by a much weaker Australian Dollar across the board, most notably in AUDUSD where the market plummeted 100 pips. Although we certainly don’t want to buy this kind of weakness, it may present a buying opportunity in another Australian Dollar pair.
More on that later. Let’s first take a look at NZDJPY
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. We first discussed this pair last week while it was still trading below the 87.50 key level. Yesterday saw a daily close about 20 pips above this level, at which point we started looking for bullish price action as a potential buying opportunity.
Although the 4 hour close highlighted below isn’t technically a pin bar, it is certainly showing bullish rejection from this level as new support. If this market is to rally further we shouldn’t see a 4 hour close below 87.50 going forward.
Summary: Potential to buy today’s 4 hour bullish rejection. Key resistance comes in at 88.25.
Note: Tomorrow is filled with NZD event risk including the RBNZ rate statement, so expect an increase in volatility over the next 24 hours.
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