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NZDJPY bears resume with bearish engulfing in minor trend, as a result, yesterday’s rallies are restrained below EMAs, and the current prices again remain below 7-SMAs.
Bearish SMA crossover signals more slumps. So, we advise snapping rallies to short hedge as bulls restrained at EMAs (4H charts).
On this time frame, NZDJPY price slumps, volumes, leading and lagging indicators moving in tandem with bearish sentiments.
On a broader perspective, the uptrend likely to prolong on bullish EMA crossover, attempts of bull swings in consolidation phase restrained below stiff resistance of 83.939 & 61.8% Fibonacci retracements.
While both leading & lagging indicator to substantiate bearish stance, MACD remaining in bearish trajectory does not substantiate this standpoint but this would be deemed as indecisiveness in current rallies.
RSI converges to the ongoing price dips (on 4H chart) as this leading oscillator trending below 40 levels which is a caution for aggressive bulls, but it is adverse on monthly terms, upward convergence is observed on this timeframe.
Same has been the case with the stochastic curve, the bearish momentum in short term selling sentiments are intensified as stochastic oscillator evidences %D crossover which is again bearish signal.
Well, at spot reference: 77.052, we recommend shorting rallies on speculative grounds using binary put options and decide to initiate longs in futures contracts with near month tenor.
Currency Strength Index: FxWirePro's hourly NZD spot index is flashing at -12 levels (which is neutral), while hourly JPY spot index was at shy above 44 (which is mildly bullish) while articulating. For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex.
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