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NZDJPY has constantly been dipping ever since the formation of gravestone doji at 75.866 levels in the intermediate trend (refer weekly chart). The trend slides through descending triangle pattern which is bearish in nature.
While the bears now breach below triangle support, the current price remain well below 7DMAs as both leading & lagging indicators bearish bias.
The major downtrend likely to prolong on bearish DMA, EMA and MACD crossovers (refer daily and weekly chart).
3-black crow pattern candlestick has occurred at 75.027 levels (on daily chart) to signal further weakness as markets’ focus on RBNZ policy meeting tomorrow which is most likely to stay pat that is unlikely to offer any fresh impetus for NZD. Instead, a dovish outcome could propel further weakness in the NZD.
As a result, the brief rallies today and yesterday are struggling for the healthy bullish momentum, despite today rallies, the current price remains still below 7EMAs as both leading and lagging indicators bearish bias.
Both RSI and stochastic curves have been constantly showing the downward convergence that indicates the strength and momentum in the bearish interests.
At spot reference: 75.174 levels, on trading grounds we recommend buying tunnel spreads using upper strikes at 75.3669 and lower strikes at 74.905 levels.
Alternatively, on hedging grounds, long-term investors should stay short in futures contracts of mid-month tenors.
The writers of the futures contract are expected to maintain margins in order to open and maintain a short futures position. Courtesy: chart sourced by tradingview.com
Currency Strength Index: FxWirePro's hourly NZD spot index is inching towards 105 levels (which is bullish), while hourly JPY spot index was at 74 (bullish) while articulating (at 05:03 GMT). For more details on the index, please refer below weblink:
