FXWIREPRO: NZD/JPY Price Action capped Below Strong Trendline Resistance at 76.70, Good to Go Long

FXWIREPRO: NZD/JPY Price Action capped Below Strong Trendline Resistance at 76.70, Good to Go Long

29 March 2016, 11:20
Roberto Jacobs
0
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FXWIREPRO: NZD/JPY Price Action capped Below Strong Trendline Resistance at 76.70, Good to Go Long

  • NZD/JPY is extending gains after piercing into the daily cloud.  
  • Upside is seen capped by strong trendline resistance at 76.70, the pair has edged lower to currently trade at 76.62. 
  • Converged 5&10 DMAs at 75.84 offer strong support on the downside ahead of cloud base at 75.64. 
  • Daily techs are biased higher, a close above trendline resistance at 76.70 would take the pair higher. 
  • Upside sees resistance at 77, 77.44 (March 7th highs) and 77.80 (March 4th highs).

Recommendation: Go long on close above 76.70, SL: 75.80, TP: 77/77.45/77.80 

The material has been provided by InstaForex Company - www.instaforex.com

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