Home Technical Analysis NZDJPY falling below cluster support
NZDJPY falling below cluster support

NZDJPY falling below cluster support

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Recently, the NZDJPY pair has showed string bearish tendencies after placing the significant high of 92.40 as seen on the provided daily chart.

nzdjpy-07-05-2015

The pair has slide below 89.22 where the Fibonacci retracement of the wave from 84.05 to the aforementioned peak exists.

Being covered by Ribbons lines-EMA10 to EMA80- is another negative technical catalyst that should be added to the breakout below Fibonacci level.

Relative Strength Index-RSI14- is presently valued at 36.00 and it is still moving deeper towards the oversold territories, while MACD offers obvious bearish signal.

Selling positions are preferable with intraday targets at 88.25 followed by 87.25 over upcoming sessions.

The ceiling for bears is the point of overlap from exponential moving averages at 90.05.

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Amir El-Araby Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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