Sideways Nikkei – A Quick Trade Idea! - Forex News by FX Leaders

Sideways Nikkei – A Quick Trade Idea!

Posted Tuesday, November 28, 2017 by
Arslan Butt • 1 min read

The market is a bit boring today due to lack of volatility and volume. It's mostly due to the multiple speeches from the United States which is keeping investors away. They wouldn't like to waste their shots. Check out our forex trading signal on Nikkei.

Nikkei – Quick Trade Setup

I was seeing the hourly time frame of Nikkei when a trade setup caught my attention, and I shared a signal to open a buy in Nikkei. Nikkei is neither overbought nor oversold. It has stuck in a narrow trading range for a few days. The range is $22,311 – $22,700.

Nikkei - Daily Chart - OversoldNikkei – Daily Chart – Oversold

– We can see two consecutive spinning tops above the support level, which signifies the neutral intention of investors. But when it's followed by the bearish trend, it means the sellers and buyers are now at the breakeven level. So, the potential of reversal seems imminent.

– The 50 – periods moving average support is $20,445 and crossover can lead the Nikkei higher.

Nikkei – Trading Idea

The idea is to stay bullish above $22,400 and bearish below $22.650 until we see a breakout in the index. Stay tuned to FX Leaders and we may share more forex trading signals during the US session.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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