Kiwi banks on improved dairy prices, NZD/JPY spikes above DMA
Kiwi dollar gains after GDT price index that measures the change in the average price of dairy products sold at auction has improved from previous -0.4% to 0.0%. It is the major contributor to the Kiwis trade balance.
As a result, the Kiwi currency crosses have gained, NDJPY rallied from 74.322 to the current 74.943 levels, that's where it has jumped above DMAs on intraday charts.
Having said that, bulls at this point have again been active to push back to upward targets as you can see leading indicators signal intensified bullish momentum.
Remember the current upswings are bouncing in a sloping channel, which means that long-term bear trend may resume at any point of time.
On the monthly chart, it has broken supports at 72.806 levels and it’s been hovering around that levels from the last couple of months, you can observe how the price behaviour of this pair on either side after sticking to this level in the recent historical evidences (see circled areas).
The current prices on monthly remained well below 7&21EMAs.
21EMA crosses over 7EMA that signals downtrend continuation.
MACD signals the bearish trend to prolong ahead.
The leading oscillators have been converging downwards below 62 levels, subsequently, stochastic curves have reached oversold territory but the bullish crossover is not substantiated by other indicators (isolating a particular signal could be dangerous).
Massive volumes on declining streak are in conformity to the strong downtrend.
So, either the breach above resistances of 75.8676 (7EMA) & its sustenance or breach below supports at 72.806 would determine the next trend direction, breakout on either side would be the close call for the long term investors.
But for intraday speculators, one can eye on boundary binaries keeping upper strikes at 75.296 and lower strikes at 75.7546 levels.
As a result, the Kiwi currency crosses have gained, NDJPY rallied from 74.322 to the current 74.943 levels, that's where it has jumped above DMAs on intraday charts.
Having said that, bulls at this point have again been active to push back to upward targets as you can see leading indicators signal intensified bullish momentum.
Remember the current upswings are bouncing in a sloping channel, which means that long-term bear trend may resume at any point of time.
On the monthly chart, it has broken supports at 72.806 levels and it’s been hovering around that levels from the last couple of months, you can observe how the price behaviour of this pair on either side after sticking to this level in the recent historical evidences (see circled areas).
The current prices on monthly remained well below 7&21EMAs.
21EMA crosses over 7EMA that signals downtrend continuation.
MACD signals the bearish trend to prolong ahead.
The leading oscillators have been converging downwards below 62 levels, subsequently, stochastic curves have reached oversold territory but the bullish crossover is not substantiated by other indicators (isolating a particular signal could be dangerous).
Massive volumes on declining streak are in conformity to the strong downtrend.
So, either the breach above resistances of 75.8676 (7EMA) & its sustenance or breach below supports at 72.806 would determine the next trend direction, breakout on either side would be the close call for the long term investors.
But for intraday speculators, one can eye on boundary binaries keeping upper strikes at 75.296 and lower strikes at 75.7546 levels.
