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FxWirePro: GBP/NZD bulls loosen their grip a bit, dips to be bought

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FxWirePro: NZD/JPY Trade Idea

Friday, July 6, 2018 9:50 AM UTC

FxWirePro Currency Strength Index for NZD/JPY: Bias Bullish
FxWirePro's Hourly NZD Spot Index was at 116.843 (Bullish)
FxWirePro's Hourly JPY Spot Index was at -119.401 (Bearish)

Technical Analysis: Bias Bullish
- Has retraced from lows at 74 handle with hammer formation on weekly candle
- Bullish divergence on RSI and Stochs
- Stochs have rolled over from oversold levels and RSI is biased higher
- MACD is on verge of a bullish crossover on signal line

Support levels - 74.85 (5-DMA), 74 (psychological level and trendline)
Resistance levels - 75.54 (21-EMA), 76.03 (cloud base), 76.16 (50-DMA)

Recommendation: Good to go long on breakout at 21-EMA, SL: 74.80, TP: 76/ 76.20/ 77

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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