FxWirePro: NZD/JPY Sees Strong Downside Bias, Good to Sell Rallies

FxWirePro: NZD/JPY Sees Strong Downside Bias, Good to Sell Rallies

29 April 2016, 07:56
Roberto Jacobs
0
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FxWirePro: NZD/JPY Sees Strong Downside Bias, Good to Sell Rallies

  • NZD/JPY price action breaks below daily cloud and bias is strongly to the downside.  
  • The pair has broken strong trendline support at 75.70 on Thursday's trade. 
  • Stochs are biased lower, and 5-DMA is showing a bearish crossover on 10-DMA. 
  • RSI is in neutral territory, but with a downside bias and MACD line also shows a bearish crossover on the signal line. 
  • The pair finds immediate resistance at 75.15 (4H 5-SMA), while support is seen at 74.62 (Mar 16th lows).

Recommendation: Good to sell rallies around 75 levels, SL: 75.60, TP: 74.40/74.15/74 

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