• FxWirePro: NZD/JPY hovers around 20-dma support at 76 Mark, focus on RBNZ policy meet for further impetus

    Source: FxWire Pro - Technicals / 26 Mar 2019 06:13:58   America/New_York

    NZD/JPY chart - Trading View 

    • NZD/JPY is trading at 76.13 at 0945 GMT, up 0.23% on the day.
    • The pair is trading in a rising channel pattern and has bounced off strong support at 75.43 (channel base and 110-EMA).
    • Positive updates surrounding the US-China trade deal strengthened the New Zealand Dollar.
    • Also, Kiwi remains buoyed after markets cheered February month trade balance figures from the Statistics New Zealand. 
    • Imports came in at $4.80 billion versus $4.90 billion forecast and $5.28 billion (revised) prior whereas exports surged to $4.82 billion against $4.70 billion market consensus and $4.33 billion (revised) earlier. 
    • Further, the trade balance (MoM) grew to $12 million from $-109 million forecast and $-948 million revised earlier.
    • Markets now focus on February month housing market details and the current month confederation board’s consumer confidence figure from the US due later today.
    • Focus also on RBNZ policy rate decision scheduled on Wednesday for further impetus.
    • Scope for test of 78.6% Fib at 76.83. Weakness only on break below 110-EMA at 75.43.

    For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex. 

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