FxWirePro: NZD/JPY uptrend goes non-directional after shooting star, consolidation phase in major trend edgy below 50% fibos – boundary binaries to trade
Source: FxWire Pro - Technicals / 22 Jan 2018 02:15:58 Eastern Standard Time
NZDJPY forms shooting stars on 81.136 on the daily chart and 82.803 levels on monthly plotting.
The minor trend goes non-directional after shooting star occurrence, the current price remains well below 7EMAs despite today's rallies.
While both leading and lagging indicators are indecisive but slightly substantiating bearish sentiments (refer daily chart).
As the trade began today bulls countered Friday’s slumps with minor spikes, on the contrary bears seem to be cautious as the price restrained below 7DMAs.
On intermediate trend, bulls have managed to test the strong support at 76.095 levels to bounce back above EMAs (refer monthly chart).
RSI at this time converges to the ongoing price rallies, while on the contrary, on daily plotting, there has been fading strength. Thus, this leading oscillator has been indecisive.
Same has been the case with the stochastic oscillator but %D crossover which is again bearish signal, this is adverse on monthly terms.
Monthly MACD edging higher in bearish trajectory signals indecisiveness, this is again adverse on daily terms, the downswing extension is likely.
At spot reference: 80.657, amid this non-directional trend, on trading perspective, we recommend shorting rallies by buying boundary binaries using upper strikes at 80.901 and lower strikes at 80.399 levels.
Currency Strength Index: FxWirePro's hourly NZD spot index is inching towards 70 levels (which is bullish), while hourly JPY spot index was at 44 (bullish) while articulating (at 06:59 GMT). For more details on the index, please refer below weblink:
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