FOREX WEEKLY WATCH – MAY 15TH 2017

This week I only have one new pair that i’m interested in adding to my watch list. However i’m currently holding positions of EURJPY and GBPCAD.

The new trade opportunity for our watch  is a short setup on NZDJPY forex pair
Ideally for me this trade should trigger early this week and should come with strength rite way.

As you can see from the charts below,Weekly price is retesting key resistance at 79.3 and both the 50 and 200 weekly/ daily EMAs

On the Daily timeframe last week ended with bearish Engulfing candlestick at the same key resistance zone as the weekly timeframe.

Adding further confluence to the bearish bias is the fact that on both the daily and weekly timeframes the 200 ema is > than the 50 EMA.

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