• FxWirePro: NZD/JPY on track to test 78.6% Fibonacci at 76.83, bias bullish

    Source: FxWire Pro - Technicals / 18 Mar 2019 05:41:52   America/New_York

    NZD/JPY chart - Trading View 

    • NZD/JPY is trading 0.36% higher on the day at 76.56 at 0920 GMT, intraday bias bullish.
       
    • The pair is extending bounce-off 20-DMA support, weakness only on break below.
       
    • Momentum studies are bullish. Stochs and RSI are biased higher. Bollinger bands are widening in support of rising volatility. 
       
    • Price action is above cloud and major moving averages. Pair is on track to test major resistance lies at 76.84 (78.6% Fib).
       
    • Further bullishness can see test of 77.20 (rising trendline) ahead of 77.78 (88.6% Fib).
       
    • Immediate support is seen at 76.32 (5-DMA), break below 20-DMA (76) to see dip till 200-DMA.

    Support levels - 76.32 (5-DMA), 76 (20-DMA), 75.10 (200-DMA)

    Resistance levels - 76.83 (78.6% Fib), 77, 77.20 (rising trendline)

    Call update: Our previous call (https://www.econotimes.com/FxWirePro-NZD-JPY-holds-20-DMA-support-intraday-bias-higher-1511839) is progressing well.

    Recommendation: Hold for targets.

    For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
     

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