Failure to surpass 0.7050-60 resistance-region during its recent rally couldn’t stop the NZDUSD from it’s another attempt to conquer the same barrier on Thursday, which if broken on a D1 closing basis could propel the pair towards 50-day SMA level of 0.7085 and then to the 0.7100 round-figure. Should the quote maintains its strength after 0.7100, the 0.7145-50 and the 0.7190, comprising 100-day SMA, might entertain the Bulls. If 0.7050-60 continue restricting the pair’s up-moves, the 0.7020, the 0.7000 and the 0.6975 are likely immediate supports to observe before highlighting the 0.6950-45 zone to look for the sellers. Moreover, pair’s dip beneath the 0.6945 can drag it to 0.6920 and the 0.6880 rest-points.
Alike NZDUSD, the EURNZD also struggles with near-term important resistance, here it is 1.6780-85 area, break of which becomes necessary for the pair to aim for 1.6825 and the 1.6880-90. Given the pair’s ability to clear 1.6890 hurdle, the 1.6960 and the 1.7000 may lure the traders. On the contrary, the 1.6720 and the 1.6650 can limit the pair’s short-term declines, breaking which the 1.6600 and the 61.8% FE level of 1.6545 may please the Bears. Assuming the pair’s sustained weakness below 1.6545, the 1.6520 and the 1.6450 could mark their presence on the chart.
NZDJPY’s recent recovery seems clubbed between the 50-day & 100-day SMA area of 77.00 to 77.70. In case the pair crosses the 77.70 cap, more than four-month old descending trend-line, at 78.35, might confine its following rise, if not then the 79.00, the 79.20 and the 79.60 can act as intermediate halts prior to flashing 80.00 as a quote. Alternatively, a downside break of 77.00 can reprint 76.60 and the 75.85 but the 75.50-55 horizontal-line could challenge the south-run afterwards. Additionally, pair’s declines below 75.50 might not hesitate fetching it to 74.50.
With the 1.0895-1.0900 resistance-region activating AUDNZD’s pullback, the pair is likely running downwards to 1.0825 and 1.0800 ahead of taking rest on the 1.0775-70 support-zone. Should prices refrain to respect the 1.0770, the 1.0740, the 1.0725 and the 1.0680 may grab sellers’ attention. Meanwhile, an upside break of 1.0900 can trigger the pair’s rally to 1.0940 and the 1.0960 resistances. Given the pair’s successful trading beyond 1.0960, the 1.1000 and the 1.1030, including 61.8% FE, can be targeted if being long.
Cheers and Safe Trading,
This article was originally posted on FX Empire
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