Even if an immediate ascending trend-line continue favoring the GBPNZD’s upside, month-long downward slanting TL, at 1.9075, could confine the pair’s immediate advances. Should the pair manage to surpass the 1.9075 barrier, it can rise to 1.9160 and then to the 1.9240; however, the 1.9260-65 horizontal-region could restrict the quote’s following north-run. In case if the prices rally beyond 1.9265, chances of witnessing 1.9350 and the 1.9415 on the chart can’t be denied. On the downside, the aforementioned TL support of 1.8970 and the 1.8925 are likely nearby supports that the pair can avail during its U-turn, breaking which the 1.8800 may entertain sellers. Given the Bears’ rule trade sentiment after 1.8800, the 1.8690 and the 1.8600 might appear in their radar.
Following its successful U-turn from 200-day SMA, the AUDNZD is presently struggling with 50-day SMA level of 1.0990, breaking which eleven-week old downward slanting trend-line, at 1.1045, becomes important to watch. If the pair continues trading upwards after conquering 1.1045, the 1.1100 and the 1.1140 are expected figures to gain traders’ attention. Meanwhile, the 1.0950 and the 1.0900 can act as immediate supports for the pair before the 1.0870-60 horizontal-area and the 200-day SMA level of 1.0835 comes into play. Assuming the pair’s daily closing beneath the 1.0835, it seems wise to target the 1.0800 and the 1.0750 while being short.
Irrespective of the NZDJPY’s failure to surpass the 81.25-30 horizontal resistance-zone, a short-term ascending trend-channel could keep favoring the pair’s further upside. Presently, the channel-support figure of 80.30 may try restricting the pair’s latest pullback, breaking which the 80.00, the 79.60 and the 79.20 are likely consecutive supports to mark their presence. Given the pair’s sustained downturn below 79.20, the 78.30 and the 77.80 could reappear as supports. Alternatively, the 80.90 may restrict the pair’s immediate up-moves, breaking which the 81.25-30 regain market attention. Should the pair clears 81.30 mark, the 61.8% FE level of 81.80 and the resistance-line of the channel, at 82.15 can become Bulls’ favorite numbers.
Cheers and Safe Trading,
This article was originally posted on FX Empire
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