FxWirePro: NZD/JPY hovers around 20-DMA support at 76 mark, focus on RBNZ policy meet for further impetus

NZD/JPY chart - Trading View 

• NZD/JPY is trading at 76.13 at 0945 GMT, up 0.23% on the day.
   
• The pair is trading in a rising channel pattern and has bounced off strong support at 75.43 (channel base and 110-EMA).
   
• Positive updates surrounding the US-China trade deal strengthened the New Zealand Dollar.
   
• Also, Kiwi remains buoyed after markets cheered February month trade balance figures from the Statistics New Zealand. 
   
• Imports came in at $4.80 billion versus $4.90 billion forecast and $5.28 billion (revised) prior whereas exports surged to $4.82 billion against $4.70 billion market consensus and $4.33 billion (revised) earlier. 
   
• Further, the trade balance (MoM) grew to $12 million from $-109 million forecast and $-948 million revised earlier.
   
• Markets now focus on February month housing market details and the current month confederation board’s consumer confidence figure from the US due later today.
   
• Focus also on RBNZ policy rate decision scheduled on Wednesday for further impetus.
   
• Scope for test of 78.6% Fib at 76.83. Weakness only on break below 110-EMA at 75.43.

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