FxWirePro: NZD/JPY extends gains above 200-DMA at 80.12, bias higher, stay long

• The kiwi spiked higher on Tuesday after latest poll survey showed possible victory of ruling National Party.
   
• Latest Newshub-Reid Research poll showed the ruling National Party on 10 points lead of its Labour counterpart at 47.3 percent, up 4 percentage points from its previous poll.
   
• Prime Minister poll put National leader Bill English up 3 points to 33.1 percent, Labour's Jacinda Ardern on 31.7 percent, up 1.8 points, and New Zealand First's Winston Peters on 6.9 percent.
   
• NZD/JPY spiked past 200-DMA at 80.12 to hit 4-week high at 80.36, bias still higher.
   
• Yen demand rising after N. Korea's latest threat to accelerate its plans to acquire a nuclear weapon, following new sanctions imposed by the UN.
   
• 50-DMA at 80.90 is major resistance on the upside, break above opens scope for further upside.
   
• On the flipside, 78.25 is major trendline support. Break below cloud see weakness.

Support levels - 80.12 (200-DMA), 80.04 (100-DMA), 79.33 (5-DMA)

Resistance levels - 80.44 (23.6% Fib), 80.90 (50-DMA), 81 (Aug 10 high)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-NZD-JPY-edges-lower-from-2-week-highs-at-79462-bias-higher-893856) has hit all targets.

Recommendation: Book partial profits at highs, raise trailing stop to 80, hold for 80.45/ 80.90/ 81

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 89.4039 (Bullish), while Hourly JPY Spot Index was at -44.0167 (Neutral) at 0630 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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