NZD/JPY Nears Upper End Of A Range
JFD Team | Nov 18, 2019 07:49AM ET
NZD/JPY traded higher today after it hit support near the 69.55 level. Overall, the pair has been trading within a sideways range between 68.95 and 70.00 since October 18th, and now, it appears to be getting closer to the range’s upper end again. That said, until we see a clear break above that hurdle, we will not take the bullish side. As long as the rate continues to trade between the aforementioned bounds, we will stay sidelined.
As we already noted, we prefer to wait for a decisive move above 70.00 before we get confident on more upside extensions. Such a move could initially pave the way towards the 70.25 area, which is marked as a resistance by the inside swing low of June 18th. If the bulls are not willing to stop there, then a break higher may see scope for extensions towards the high of August 2nd, at around 70.50.
Taking a look at our short-term oscillators, we see that the RSI lies above 50 and points up, while the MACD sits above both its zero and trigger lines, pointing north as well. Both indicators suggest upside speed, but we repeat again that a break above 70.00 is the move that would make us turn our eyes to the upside.
Now, in case the rate dips back below 69.55, we would take this as a sign that traders want to keep this pair range-bound for a while more. The slide may continue towards the 69.20 barrier, the break of which is possible to open the path towards the lower end of the pre-discussed range, near 68.95.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.