NZDJPY Daily Outlook – On Wednesday we found out that Canada recorded negative annual inflation rate for the first time since 2009, Euro zone April inflation revised down to nearly four-year low, and the UK inflation slumped to lowest since 2016 as coronavirus hits.
On Thursday we’ll be looking at the US Markit Manufacturing PMI, as well as Japan’s Inflation and interest rate decision.
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 which has just broken above the daily Ichimoku cloud after consolidating for the past 2 months after the COVID-19 crash. The future cloud appears bullish. With this, based on the Ichimoku cloud indicator, we could expect a temporary pullback towards 65, and then see gains towards the key Fibonacci retracement levels at 67 and 68 respectively.
Do you think the NZD/JPY pair is done consolidation and a new uptrend is on the horizon? Head over to the Comments section and let me know.
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