NZD/JPY slips below 78 handle, is on track to test major support at 77.
Downbeat China October data dump dents the antipodeans.
China’s Oct retail sales y/y came in at +10.0 vs 10.4% expected and 10.3% last.
Industrial output y/y at 6.2% and 6.3% expected and 6.6% last, while urban investment y/y stood at +7.3% vs 7.4% expected and 7.5% last.
NZD/JPY slips below 38.2% Fib retrace of 69.232 to 83.910 rally at 78.30.
Technical analysis for the pair shows bearish bias. RSI and Stochs have turned south, RSI below 50-levels and MACD is on verge of bearish crossover.
Next major support seen at 77.50 (trendline) ahead of 77 levels.
We see bearish invalidation on retrace above 20-DMA at 78.66.
Support levels - 77.50 (trendline), 77.35 (Oct 31 low), 77 (trendline)
Resistance levels - 78.63 (5-DMA), 78.66 (20-DMA), 78.79 (61.8% Fib retrace of 75.626 to 83.910 rally)
Stay short for 77.50/ 77
Downbeat China October data dump dents the antipodeans.
China’s Oct retail sales y/y came in at +10.0 vs 10.4% expected and 10.3% last.
Industrial output y/y at 6.2% and 6.3% expected and 6.6% last, while urban investment y/y stood at +7.3% vs 7.4% expected and 7.5% last.
NZD/JPY slips below 38.2% Fib retrace of 69.232 to 83.910 rally at 78.30.
Technical analysis for the pair shows bearish bias. RSI and Stochs have turned south, RSI below 50-levels and MACD is on verge of bearish crossover.
Next major support seen at 77.50 (trendline) ahead of 77 levels.
We see bearish invalidation on retrace above 20-DMA at 78.66.
Support levels - 77.50 (trendline), 77.35 (Oct 31 low), 77 (trendline)
Resistance levels - 78.63 (5-DMA), 78.66 (20-DMA), 78.79 (61.8% Fib retrace of 75.626 to 83.910 rally)
Stay short for 77.50/ 77
Comment:
Approaching TP1. Bias lower.
Comment:
All targets hit.
We see strong support at 77 levels. Break below will accentuate weakness.
We see strong support at 77 levels. Break below will accentuate weakness.