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FxWirePro: Hourly cloud capping upside in NZD/JPY, good to sell rallies

Thursday, January 21, 2016 7:54 AM UTC

NZD/JPY edges lower from session highs at 75.96, antipodeans recovery halts as oil recovery falters, triggering a renewed bout of risk-aversion.

Scope for further downside on hourly charts, Stochs, RSI and MACD point south.
Price action in the pair on hourlies has been capped on the topside by daily cloud.
75.53 (Hourly cloud base) is immediate resistance on the upside, while 74.72 (Jan 18 lows) is support on the downside.

Recommendation: Good to sell rallies around 75.10 levels, SL: 75.55, TP: 74.60/74

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FxWirePro: Hourly cloud capping upside in NZD/JPY, good to sell rallies

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