NZDJPY (1H) - short term bearish bias
The break above the July high of 73.20 drove the pair into the RSI's over-bought territory. We would expect the New Zealand dollar to make its way down as buyers started to take profit. On the hourly chart, the drop below the psychological level of 73.00 has put increased pressure on the kiwi. As the moving averages start to head south, the pair is likely to stay under water for the rest of the week. 72.40 near the 20-day moving average will be the immediate target.
Key support: 72.40
Key resistance: 73.20
The break above the July high of 73.20 drove the pair into the RSI's over-bought territory. We would expect the New Zealand dollar to make its way down as buyers started to take profit. On the hourly chart, the drop below the psychological level of 73.00 has put increased pressure on the kiwi. As the moving averages start to head south, the pair is likely to stay under water for the rest of the week. 72.40 near the 20-day moving average will be the immediate target.
Key support: 72.40
Key resistance: 73.20