Friday , November 24 2017
Home / Blogs / FxWirePro: NZD/JPY consolidates break below 200-dma, bias lower, stay short

FxWirePro: NZD/JPY consolidates break below 200-dma, bias lower, stay short

NZD/JPY consolidates break below 200-dma, bias lower, stay short

  • NZD/JPY is consolidating a break below 200-DMA, intraday bias lower.
  • Technical indicators are bearish, Stochs biased lower, RSI below 50 and MACD is showing a bearish crossover.
  • New Zealand electronic card retail sales data came in below markets’ expectations, which added to weakness around the kiwi.
  • Nearly converged 5&200 DMAs at 80.05 offer major resistance, we see bearish invalidation only on retrace above.
  • We see scope for test of 78.70 (Wedge base). Violation there could see further weakness.

Support levels – 79.53 (23.6% Fib retrace of 83.91 to 78.18 fall), 79, 78.70 (Wedge base)

Resistance levels – 80.05 (200-DMA), 80.37 (38.2% Fib retrace of 83.91 to 78.18 fall), 80.86 (20-DMA)

Recommendation: Good to go short on rallies around 79.70/80, SL: 80.40, TP: 79/ 78.70/ 78.20.

 

Source: FXWire Technicals

 

About Makkaba Co., Ltd.

Makkaba Co., Ltd.

Hotline: (+84)(0) 904935786 Tel.: (+84) (0)28.35208726
Email: m2mtradingsignals@gmail.com - Phone:

Check Also

North Korea joins the U.S. terrorist list

North Korea labeled state sponsor of terrorism, Morgan Stanley sees big pain for the Aussie …

5 things to know today

All eyes on Chinese and U.S. debt, Thai GDP growth forecast to hit four-year high, …

Leave a Reply

Your email address will not be published. Required fields are marked *