NZD/JPY is struggling to break major resistance at 77.40, further gains likely on break above.
The pair is trading at 77.32, up 0.41 percent on the day and just shy of 50-DMA at 77.55.
Above 77.55 we see little resistance upto 78.50 (May 16 high).
Price action has broken into daily cloud and Technical indicators have turned slightly bullish.
Focus now on annual NZ budget due on Thursday, reaffirmation of NZ’s solid fiscal position will boost NZD.
Support levels - 77.20 (5-DMA), 77, 76.52 (50% Fibo 69.23 to 83.80 rally), 76
Resistance levels - 77.40 (trendline), 77.51 (20-DMA), 77.55 (50-DMA), 78
Good to go long on break above 77.55, SL: 77, TP: 78/ 78.50/ 78.75
The pair is trading at 77.32, up 0.41 percent on the day and just shy of 50-DMA at 77.55.
Above 77.55 we see little resistance upto 78.50 (May 16 high).
Price action has broken into daily cloud and Technical indicators have turned slightly bullish.
Focus now on annual NZ budget due on Thursday, reaffirmation of NZ’s solid fiscal position will boost NZD.
Support levels - 77.20 (5-DMA), 77, 76.52 (50% Fibo 69.23 to 83.80 rally), 76
Resistance levels - 77.40 (trendline), 77.51 (20-DMA), 77.55 (50-DMA), 78
Good to go long on break above 77.55, SL: 77, TP: 78/ 78.50/ 78.75
Comment:
Approaching final targets.
