FxWirePro
Short

NZD/JPY breaks major support at 76.05, good to sell rallies

FX:NZDJPY   New Zealand Dollar / Japanese Yen
146 0 6
Kiwi rallied after the RBNZ left its interest rates on hold at 2.25%, but the rally lacked follow-through.

The bird failed to sustain at higher levels and now extends its corrective slide as risk-off trades intensified.

NZD/JPY is retracing from 7-week high of 76.29 hit on Thursday, has broken below major supports trendline at 76.05 on 2H 21-SMA at 75.74.

Next major support aligns at 75.54 (daily cloud top), 75.44 (100-DMA) and then 75 (2H 50-SMA). Break below 100-DMA at 75.44 will see weakness upto 5-DMA at 75.26.

On the upside, the pair is capped by strong trendline resistance, currently at 76.25, bearish invalidation only on break above.

Techs on 2H charts support downside, Stoch and RSI are biased lower.

Good to sell rallies around 75.80, SL: 76.25, TP: 75.55/75
Comment: All targets hit. Book partial profits.

Major support at 74.47, break below to see test of 74 levels, stay short.
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