NZD/JPY spikes past 200-DMA at 77.97.
Technical indicators have turned bullish, Stochs have bounced-off from near oversold levels and RSI points north.
Close above 200-DMA will confirm further bullishness, scope for test of 79.20 (trendline).
Caution advised as 'Death Cross' seen on daily charts, bullish invalidation likely on close below 50-DMA at 77.54.
Support levels - 77.97 (200-DMA), 77.59 (20-DMA), 77, 76.52 (50% Fibo 69.23 to 83.80 rally), 76
Resistance levels - 78.50 (May 16 high), 78.75 (38.2% Fibo 83.80 to 75.62 fall), 79.20 (trendline)
Our previous call (link below) has hit TP1.
Book partial profits at highs. Raise trailing stops to 77.55. Hold for upside.
Technical indicators have turned bullish, Stochs have bounced-off from near oversold levels and RSI points north.
Close above 200-DMA will confirm further bullishness, scope for test of 79.20 (trendline).
Caution advised as 'Death Cross' seen on daily charts, bullish invalidation likely on close below 50-DMA at 77.54.
Support levels - 77.97 (200-DMA), 77.59 (20-DMA), 77, 76.52 (50% Fibo 69.23 to 83.80 rally), 76
Resistance levels - 78.50 (May 16 high), 78.75 (38.2% Fibo 83.80 to 75.62 fall), 79.20 (trendline)
Our previous call (link below) has hit TP1.
Book partial profits at highs. Raise trailing stops to 77.55. Hold for upside.
