AUD/JPY, NZD/JPY and, CAD/JPY are the clear winners for the day on easing risk aversion. These three pairs are in the top 10 movers across time frames. But which one pair is the better one to go long?
Let’s take a look at respective Action Bias.
A quick glance at AUD/CAD. The cross is clearly in persistent downside D action bias table. And there is no sign of a turn in both 6H and H action bias. This is consistent with smooth decline as seen in the D action bias chart.
The action bias table of AUD/NZD looks even worse with downside biases seen all over the place across 6H, D and W time frame. H neutral action bias suggests the decline might be slowing temporarily. But there is no sign of a reversal. This could also be reflected in the D action bias chart too, that the cross is in a clear down trend.
So, while AUD/JPY is the top mover for today, it seems that NZD/JPY and CAD/JPY will have a better advantage.
How about NZD/CAD? The action bias table shows it’s having persistent blue bars in W time frame and persistent red bars in D time frame. But red bars of downside bias are not apparent in 6H and H time frames. Looking at the D chart, NZD/CAD has been in a solid up trend since December, but turned into correction/consolidation since mid March.
So, for quick intraday trade, there is not much difference between NZD/JPY and CAD/JPY. But for position trading, NZD/JPY is slightly preferred as our choice to go long.
The NZD/JPY action bias table showed persistence upside bias blue bars in H and 6H time frame. This also pushes D action bias to upside side blue too. Taking into consideration that 78.61 resistance is taken out decisively today to confirm near term reversal. NZD/JPY presents long opportunity for 81.55 resistance in near term.
