Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: NZD/JPY edges lower from session highs at 75.92, sees strong resistance at 76 levels

NZD/JPY remains stuck in its multi-week range of 76.84-73.54 although recent signs point to a test of the downside ahead.

  • The pair sees strong trendline resistance at 76 levels, has on the day edged lower from session highs at 75.92.
     
  • Data on Monday showed that NZ confidence and building consents deteriorated significantly bolstering the case for more RBNZ easing in the upcoming month.
     
  • There is scope for RBNZ to ease twice this year, but markets have fully priced in only one cut, making further downside vulnerable.
     
  • The pair has broken above 5-DMA at 75.34 but further gains ca be seen only on breaks above 76 levels.
     
  • Supports on the downside are aligned at 75.34 (5-DMA), 75.11 (10-DMA) and then 74.45 (double bottom Feb 17th and 25th).

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.