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NZDJPY forms dragonfly doji on minor trend at 75.060 levels that is spiking off rallies above DMAs, whereas shooting star counters at 76.293 levels to nudge prices below 7DMA levels which is bearish in nature both leading and lagging indicators have been indecisive but signal overbought pressures (refer 4H chart).
The current rallies are still not backed by momentum oscillators even though the bulls managed to break-out stiff resistance levels. Thereby, bears resume and hamper previous bullish sentiments in this minor trend.
While the intermediate downtrend likely to prolong on bearish EMA & MACD crossovers (refer weekly chart).
Most importantly, the intermediate trend slides through descending triangle pattern which is bearish in nature. Despite prevailing rallies, the current price remains below 7EMAs as both leading and lagging indicators bearish bias.
Both leading and lagging indicators on this timeframe to substantiate bearish sentiments on this timeframe.
RSI & stochastic curves have been slightly indecisive but show downward convergence that indicates the strength and momentum in selling interests.
Contemplating the lingering bearish sentiments on both the timeframes, at spot reference: 76.466 levels, on trading grounds we recommend buying tunnel spreads using upper strikes at 76.592 and lower strikes at 76.2696 levels.
On hedging grounds, long-term investors should stay short in futures contracts of mid-month tenors.
The writers of the futures contract are expected to maintain margins in order to open and maintain a short futures position.
Currency Strength Index: FxWirePro's hourly NZD spot index is inching towards 108 levels (which is bullish), while hourly JPY spot index was at -152 (bearish) while articulating (at 07:42 GMT). For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex.
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