• FxWirePro: nzdjpy upside capped below 5-dma, on track to test channel base at 76.30

    Source: FxWire Pro - Technicals / 02 Mar 2018 01:50:51   America/New_York

    • NZD/JPY recovery from 2-month lows at 76.61 failed to hold break above 5-DMA on Thursday's day.
       
    • Upside on the day also remains capped at 5-DMA, bias lower. The pair eyes channel base at 76.30.
       
    • Momentum studies are bearish, and we see continuance of -ve DMI dominance and rising ADX supports trend.
       
    • Breach below channel base support could see further weakness. Scope then for test of 76 and then 75.62 levels.
       
    • On the upside, 5-DMA at 77.28 is immediate resistance, break above could see test of 20-DMA at 78.41.

    Support levels - 76.61 (88.6% Fib), 76.30 (channel base), 76.09 (Nov 20 low), 75.62 (Apr 12 low)

    Resistance levels - 77.28 (nearly converged 5-DMA and 78.6% Fib), 78.18 (61.8% Fib), 78.41 (20-DMA)

    Call update: Our previous call (https://www.econotimes.com/FxWirePro-NZD-JPY-extends-break-below-daily-cloud-on-track-to-test-786-Fib-at-7726-stay-short-1168197) has hit TP1/2/3.

    Recommendation: Book partial profits at lows. Bias bearish, stay short for 76.30/76.

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