NZD/JPY intraday
Our pivot point is at 70.77.
Our preference:
the upside prevails as long as 70.77 is supported.
Alternative scenario:
the downside breakout of 70.77 would call for 70.49 and 70.33.
Comment:
the RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the pair is above its 20 and 50 MAs (respectively at 70.83 and 70.54).
Our preference:
the upside prevails as long as 70.77 is supported.
Alternative scenario:
the downside breakout of 70.77 would call for 70.49 and 70.33.
Comment:
the RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the pair is above its 20 and 50 MAs (respectively at 70.83 and 70.54).
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