- NZD/JPY edges lower from 4-month highs at 81.87 at 81.87, bias still higher.
- The pair is trading well above 200-DMA and daily cloud, 5-DMA is strong support on the downside.
- The pair is extending upside after breaking consolidating above 61.8% Fib retrace of 83.809 to 75.626 fall.
- MACD on the weekly charts is showing a bullish crossover on signal line, raising scope for further gains.
- Caution advised as we see bearish divergence on Stochastics, and RSI and Stochs on daily charts are at overbought levels.
Support levels - 81.08 (5-DMA), 80.63 (61.8% Fib of 83.809 to 75.626 fall), 80.25 (June 21 low)
Resistance levels - 82.05 (78.6% Fib), 82.23 (Weekly 200-SMA), 82.60 (Feb 16 high)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-NZD-JPY-consolidates-above-618-Fib-bias-higher-good-to-go-long-on-dips-773556) has hit TP1.
Recommendation: Bias higher, stay long for further upside.
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -8.85321 (Neutral), while Hourly JPY Spot Index was at -145.32 (Bearish) at 1100 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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