Every day winners and losers
The New Zealand dollar is the top of the page against the greenback with an advance of 0.52% at the end of the European trade. Sense of market risk more broadly remains well take a respite from heavy selling pressure seen last week. NZD/USD bounced to the broad support trendline dating from March 2001 to 0.7550 with the daily RSI suddenly reverse after reaching extreme levels of oversold not seen since August 2008. Resistance daily superstructure now stands with 78.6% Fibonacci allows taken of the advance of the mid-December at 0.7680 and is supported by 61.8% to 0.7850 allows. A break below the trendline support December lows to 0.7460 of the eyes.
The graph of the scalp shows the NZD/USD continues to trade in a descending channel training dating back to April 26, with the pair currently holding just below the intermediate resistance to 0.7610. Look for the pair to stay even at these levels in a rebound in appetite for broader risk with a likely violation above that mark considering the superstructures target in the resistance of the channel, the tracing of 78.6% to 0.7680 and 0.7750 Fibonacci. Interim support is based in 0.7525 supported by the low to 7460 of December.
Indicators of levels
The Japanese yen is weaker against the dollar, with 0.38% loss in their activities. The USD/JPY has rebounded sharply out of the handle in 79 with the pair continue to trade through training of flag on the upper March. As we noted earlier in the month, our medium to long-term bias remained weighted superstructure with long entries promoted between the moving average 200 days to 78.50 and taken 61.8% Fibonacci allows of the advance in February to 79.15. Daily strength lies at the confluence of the tracing of 50% and resistance of the canal just above the handle of 80 with only a break the moving average of 200 days, negating our directional bias.
The graph of the scalp shows the USD/JPY holding just below the extension of Fibonacci 61.8% levied ridges on 14 March and April 20 to 79,35. Superstructure initial targets are in the eyes of the extension of 50% to 79.80 and the resistance of the channel. A break above this level also provides subsequent conviction with targets of resistance seen the extension of 38.2% to 80.30, 80.55 and 23.6% to 80.85 extension. Interim support rests with the 79 figure supported by the extension of 78.6% 78.75 and 78.50. Note that while the negotiation of the conditions of the yen, are not conducive to the scalping, we long a fourth of our size of typical trade in figure with our initial goal in the eyes above the handle of 80. A violation over the channel resistance suggests that the correction on the highs of March may be complete with such a scenario to see losses accelerated for the yen. A change in sense of larger market for risk appetite would probably be the necessary catalyst for breach of the superstructure.
The New Zealand dollar is the top of the page against the greenback with an advance of 0.52% at the end of the European trade. Sense of market risk more broadly remains well take a respite from heavy selling pressure seen last week. NZD/USD bounced to the broad support trendline dating from March 2001 to 0.7550 with the daily RSI suddenly reverse after reaching extreme levels of oversold not seen since August 2008. Resistance daily superstructure now stands with 78.6% Fibonacci allows taken of the advance of the mid-December at 0.7680 and is supported by 61.8% to 0.7850 allows. A break below the trendline support December lows to 0.7460 of the eyes.
The graph of the scalp shows the NZD/USD continues to trade in a descending channel training dating back to April 26, with the pair currently holding just below the intermediate resistance to 0.7610. Look for the pair to stay even at these levels in a rebound in appetite for broader risk with a likely violation above that mark considering the superstructures target in the resistance of the channel, the tracing of 78.6% to 0.7680 and 0.7750 Fibonacci. Interim support is based in 0.7525 supported by the low to 7460 of December.
Indicators of levels
The Japanese yen is weaker against the dollar, with 0.38% loss in their activities. The USD/JPY has rebounded sharply out of the handle in 79 with the pair continue to trade through training of flag on the upper March. As we noted earlier in the month, our medium to long-term bias remained weighted superstructure with long entries promoted between the moving average 200 days to 78.50 and taken 61.8% Fibonacci allows of the advance in February to 79.15. Daily strength lies at the confluence of the tracing of 50% and resistance of the canal just above the handle of 80 with only a break the moving average of 200 days, negating our directional bias.
The graph of the scalp shows the USD/JPY holding just below the extension of Fibonacci 61.8% levied ridges on 14 March and April 20 to 79,35. Superstructure initial targets are in the eyes of the extension of 50% to 79.80 and the resistance of the channel. A break above this level also provides subsequent conviction with targets of resistance seen the extension of 38.2% to 80.30, 80.55 and 23.6% to 80.85 extension. Interim support rests with the 79 figure supported by the extension of 78.6% 78.75 and 78.50. Note that while the negotiation of the conditions of the yen, are not conducive to the scalping, we long a fourth of our size of typical trade in figure with our initial goal in the eyes above the handle of 80. A violation over the channel resistance suggests that the correction on the highs of March may be complete with such a scenario to see losses accelerated for the yen. A change in sense of larger market for risk appetite would probably be the necessary catalyst for breach of the superstructure.
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