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FxWirePro: NZD/JPY Trade Idea

Thursday, December 20, 2018 6:40 AM UTC

NZD/JPY chart on Trading View used for analysis

FxWirePro Currency Strength Index for NZD/JPY: Bias Bearish
FxWirePro's Hourly NZD Spot Index was at -162.697 (Bearish)
FxWirePro's Hourly JPY Spot Index was at 151.856 (Bullish)

Technical Analysis: Bias Bearish
- Rejected at 200W SMA, slips lower for the 3rd straight week
- Slips below 200-DMA, price action dips into daily cloud
- Bearish divergence on RSI and Stochs, momentum highly bearish
- Volatility rising, MACD and ADX support downside

Support levels - 74.86 (20W SMA), 74.78 (61.8% Fib), 74.08 (July 3rd low)
Resistance levels - 75.55 (50% Fib), 75.73 (200-DMA), 76

Recommendation: Good to stay short on upticks, SL: 76.40, TP: 75/ 74.75/ 74.10

For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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FxWirePro: NZD/JPY Trade Idea

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