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FxWirePro: NZD/JPY Trade Idea

Thursday, November 1, 2018 6:52 AM UTC

NZD/JPY chart on Trading View used for analysis

FxWirePro Currency Strength Index for NZD/JPY: Bias Bullish
FxWirePro's Hourly NZD Spot Index was at 106.28 (Bullish)
FxWirePro's Hourly JPY Spot Index was at -123.549 (Bearish)

Technical Analysis: Bias Bullish
- Breaks above 55-EMA, holds 5-DMA support
- Volatility is rising as suggested by widenning Bollinger Bands
- Stochs and RSI are sharply higher, RSI shows strength above 50 level
- MACD supports upside

Support levels - 73.96 (55-EMA), 73.42 (20-DMA)
Resistance levels - 74.65 (110-EMA), 75 (trendline), 75.54 (21, 26th Sept)

Recommendation: Good to go long on dips, SL: 73.95, TP: 74.65/ 75

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

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FxWirePro: NZD/JPY Trade Idea

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