NZD/JPY Fails To Resume the Uptrend
ByLCMS Traders FX Analysis Team
JUN 16, 2021
NZD/JPY bull’s attempt to resume the uptrend failed on Tuesday following a lower closing at 78.39. Currently, the pair is trading at 78.45 with immediate resistance levels at 78.66 and 78.79. The intraday support levels are at 78.22 and 78.00.
On the intraday charts, the SMA-14 is indicating resistance at 78.83 while the SMA-50 is at 78.43. The pair is keeping below the mid-Bollinger band (78.82), the upper and lower bands are at 79.87 and 77.76 respectively. The RSI is at 47 and appears flat while the MACD is below the zero line and supportive of the bears. Following the intraday and 4-hourly price pattern, the bears are likely to gain more control and challenge the 78.00 support area, therefore selling entry is recommended at the below levels.
Direction: Sell
Entry: 78.60
Take Profit: 78.05
Stop-Loss: 78.75
An intraday closing near or below 78.00 would open the doors for a further decline towards 77.60 and 77.20 during the week. On the upside, bears need to move above the SMA-14 (78.83) to get back into the game.
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