NZDJPY gained more than 150 pips after the hawkish RBNZ rate cut. As long as support at 87.99 persists, the intraday trend is bullish. Yesterday, the pair hit a high of 89.21; it currently trades at about 89.08.
Oscillators and moving averages to forecast the trend of NZDJPY
CMP- 89.11
EMA (4-hour chart)
55-EMA- 88.42
200-EMA- 887
365-EMA- 87.80. The pair trades above the short (55 EMA) and long-term moving average(200 and 365).
Major support- 88.40. Any breach below will drag the pair down to 8887.20/86.65/85.37/84.45/84.
Major resistance - 89.20. Any break above 89.25 confirms minor bullishness, a jump to 90/90.65/92.
Indicator (1-hour chart)
CCI (50)- bullish
Average directional movement Index- Bullish. All indicators confirm a bullish trend.
It is good to buy on dips around 88.40-42 with SL around 87.70 for TP of 90.
