Pair is down -1.31%

The NZD is the weakest of the majors, while the JPY is the strongest. That makes the NZDJPY the weakest of the major currency pairs.  In fact, the pair is down -1.31% at 76.24 currently and just off the session lows of 76.206.

Pair is down -1.31%

Technically, the move to the downside was started in the Asian session after buyers could not push above the high price from yesterday at 77.30. The high price reached 77.286 before rotating to the downside.

The price moved down to test the 100 hour moving average (blue line currently at 76.88). Looking at the hourly chart above, that moving average was also tested yesterday, but found support buyers (see blue line in the chart above). 

After a modest bounce off that 100 hour moving average today, sellers pushed the price below it, and also the 200 hour moving average (green line currently at 76.654). 

A swing area between 76.429 and 76.541 has also been broken (see red numbered circles. That area is now close risk for sellers. Stay below is more bearish going forward with a move back above the 200 hour moving average at 76.654 more of a tilt back to the upside/bulls.

Until then however, the sellers remain in control. The pair is now testing a swing area between 76.17 and 76.232. A move below that level and traders will focus on the July 8/9th lows near the 76.00 level.

Finally the 200 day moving averages at 75.853 is a another key target. Last week the price did move below the 200 day moving average, but could not sustain downside momentum.

Invest in yourself. See our forex education hub.



Source link

×