OctaFX | OctaFX Forex Broker
Open trading account
Back

NZD/JPY cracks support trend line at 83.40, further selling pressure revealed

FXstreet.com (Barcelona) - The Kiwi/Yen is currently trading down 65 pips at 82.93 during the Asia session, breaking below a critical support trend line which was sitting near the 0.8350 level.

According to Fan Yang, CMT, of FXTimes, "NZD/JPY has been in an ascending triangle since the middle of April. You do see a slight bullish bias in the 4H chart since 1) it is an ascending triangle, and 2) because price is still above the 200-SMA in the 4H chart, which is coincident with the ascending triangle support. A break below 83.40 could be a sign of breakout and could open up the bottom of the ascending triangle, which is around the 61.8% retracement near the 81.00 handle”

The FXStreet.com Trend Index remains slightly bearish on the 1 hour chart, while the OB/OS index reads oversold. The RSI (14) is showing a bullish divergence (price makes new low, price does not) which could help spark a short term counter-trend bounce. Initial support now sits at 82.70 (support on 1 hour chart), followed by 81.93 (the upward sloping 50dma). First resistance now sits at 83.16 (the 9dma on 1 hour chart), followed by 83.32 (the 20dma on 1 hour chart)

Flash: Don’t expect any Fed tapering until early 2014 – ANZ

“It would be neat and convenient to suggest that the strong global currency moves over the past week or so are primarily based on expectations that the Fed might taper its bond purchases soon,” says Head of Global Markets Research at ANZ Richard Yetsenga, although “Certainly our economists don’t expect any Fed tapering until early 2014,” Richard warns.
Read more Previous

Flash: Looking at a long position in EUR/SEK - RBS

With EUR/SEK last at 8.5916, off Tuesday's weekly high at 8.6570, the highest since early Feb, and still slightly into the positive for the week, RBS FX Trading Strategist Greg Gibbs thinks is a worth looking long trade. “It’s not in my normal comfort zone, but a trade I am looking at is long EUR/SEK,” Greg says, adding: “This is because we are seeing a persistent move towards less fear of a EUR crisis,” he notes.
Read more Next
Start livechat