Harmonic pattern- Bearish AB=CD pattern
Potential Reversal Zone(PRZ)- 91.45-50
Bearish Divergence- CCI (50) due to profit booking. The intraday trend remains bearish as long as the resistance level at 92 persists. The pair reached an intraday high of 91.03; it presently trades around 90.702.
Oscillators and moving averages to forecast the trend of NZDJPY
CMP- 90.76
EMA (4-hour chart)
55-EMA- 88.67
200-EMA- 87.79
365-EMA- 87.95. The pair trades above the short (55 EMA) and long-term moving average(200 and 365).
Major support- 90.45. Any breach below will drag the pair down to 90/89.70/89.20/88.70/88.40/87.99.
Major resistance - 91.50. Any break above 91.50 confirms minor bullishness, a jump to 92/93.
Indicator (4-hour chart)
CCI (50)- bullish
Average directional movement Index- Neutral. All indicators confirm a mixed trend.
It is good to sell on rallies around 91.38-40 with SL around 92 for TP of 89.20.
