Even after bouncing off the 0.6500 round-figure, NZDUSD couldn’t clear the 0.6575-80 resistance-confluence, comprising 50-day SMA & a short-term descending trend-line, which triggered the pair’s pullback towards 0.6500 re-test. In case the pair refrain to respect the 0.6500 mark, the 0.6470 and the 0.6420 are likely following rests that can be availed but its slide beneath the same could highlight the importance of 61.8% FE level of 0.6345. Alternatively, a D1 close beyond 0.6580 can escalate the pair’s recovery to 0.6610 and then to another downward slanting resistance-line, at 0.6655. Given the pair’s successful rise above 0.6655, the 100-day SMA level of 0.6675 and the 0.6700 may please the buyers.
EURNZD struggles with 100-day SMA level of 1.7375 in order to justify its strength in targeting the 1.7410-15; though, pair’s advances past-1.7415 might find it hard to conquer the 1.7520 trend-line. Should prices surpass 1.7520 on a daily closing basis, the 1.7540 and the 50-day SMA level of 1.7600 can appear in the Bulls radar. Meanwhile, the 1.7260, 1.7200 and the 1.7155, including 200-day SMA, might offer immediate supports to the pair prior to dragging it to the 1.7115-05 horizontal-support. Assuming the quote’s dip below 1.7100, the 1.7020 and the 1.7000 psychological magnet could become sellers’ favorites.
With its repeated reversals from 72.30-20 support-zone, NZDJPY is likely to confront 100-day SMA level of 74.50 but its further upside can be restricted by nine-month old descending TL, at 74.80. If at all the pair manage to cross 74.80, the 75.50 and 200-day SMA level of 76.00 may be observed if holding long positions. On the contrary, 73.55 can serve as adjacent support, breaking which 73.10 & 72.70 might act as intermediate halts before dragging the pair to 72.30-20 again. However, pair’s plunge below 72.20 opens the gate for 61.8% FE level of 71.00.
Having smashed 50-day SMA, the NZDCAD is expected to run towards eight-week long resistance-line, around 0.8650, which if broken could propel the quote to 0.8690 and the 100-day SMA level of 0.8730. In case the prices keep rallying above 0.8730, the 0.8780 and the 0.8825-30 area can challenge the optimists. Let’s say the pair closes beneath 50-day SMA level of 0.8555, then the 0.8520 support-line figure becomes an important number to watch as break of which can flash 0.8450 & 0.8390 on the chart. Moreover, pair’s extended south-run after 0.8390 may have 0.8320 and the 0.8245, comprising 61.8% FE, as supports.
This article was originally posted on FX Empire