- NZD/JPY is struggling to break major resistance at 77.40, further gains likely on break above.
- The pair is trading at 77.32, up 0.41 percent on the day and just shy of 50-DMA at 77.55.
- Above 77.55 we see little resistance upto 78.50 (May 16 high).
- Price action has broken into daily cloud and Technical indicators have turned slightly bullish.
- Focus now on annual NZ budget due on Thursday, reaffirmation of NZ’s solid fiscal position will boost NZD.
Support levels - 77.20 (5-DMA), 77, 76.52 (50% Fibo 69.23 to 83.80 rally), 76
Resistance levels - 77.40 (trendline), 77.51 (20-DMA), 77.55 (50-DMA), 78
TIME TREND INDEX OB/OS INDEX
1H Bullish Neutral
4H Neutral Neutral
1D Neutral Neutral
1W Neutral Neutral
Recommendation: Good to go long on break above 77.55, SL: 77, TP: 78/ 78.50/ 78.75
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -74.0197 (Bearish), while Hourly JPY Spot Index was at -44.7759 (Neutral) at 0600 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
