#NZDJPY @ 83.5750 takes a U-turn from the key EMAs to renew multi-day top after RBNZ move., @nehcap view: Further upside expected (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• NZD/JPY takes a U-turn from the key EMAs to renew multi-day top after RBNZ move.
• RBNZ surprises markets by announcing 0.50% rate hike, the 11th consecutive rate increase.
• Given the sustained bounce of the 50-EMA, 200-EMA, backed by upbeat RSI, the bulls are likely to keep the reins.

The pair currently trades last at 83.5750.

The previous day high was 83.82 while the previous day low was 82.85. The daily 38.2% Fib levels comes at 83.22, expected to provide support. Similarly, the daily 61.8% fib level is at 83.45, expected to provide support.

NZD/JPY rises to 83.86 as it pokes a three-week-long resistance line on the Reserve Bank of New Zealand’s (RBNZ) 11th rate hike during early Wednesday. In doing so, the cross-currency pair also portrays a clear rebound from the 50 and 200 Exponential Moving Averages (EMAs).

That said, the RBNZ surpasses market forecasts while announcing 50 basis points (bps) worth increase to its Official Cash Rate (OCR), lifting it to 5.25% from 4.75% prior. It’s worth noting that the RBNZ Minutes stated that the policymakers also discussed a 25 bps rate hike and hence prod the pair buyers of late.

Also read: Breaking: RBNZ raises rates by 50 bps to 5.25% in April, hawkish surprise

Even so, a successful rebound from the key EMAs joins the upbeat RSI (14) to allow the NZD/JPY buyers in poking a downward-sloping resistance line from mid-March, around 83.85 by the press time.

It’s worth noting that the March 15 high of near 84.10 can act as an extra filter towards the north for the NZD/JPY buyers before directing them to the previous monthly high of 85.33.

Meanwhile, pullback moves remain elusive unless the quote stays beyond the 50-EMA level of 82.80.

Following that, multiple supports near 81.50 and March’s bottom of around 80.45 can test the NZD/JPY bears ahead of highlighting the 80.00 psychological magnet.

Trend: Further upside expected

Technical Levels: Supports and Resistances

NZDJPY currently trading at 82.91 at the time of writing. Pair opened at 83.09 and is trading with a change of -0.22% % .

The pair is trading above its 20 Daily moving average @ 82.57, below its 50 Daily moving average @ 83.38 , below its 100 Daily moving average @ 84.19 and below its 200 Daily moving average @ 84.44

The previous day high was 83.82 while the previous day low was 82.85. The daily 38.2% Fib levels comes at 83.22, expected to provide support. Similarly, the daily 61.8% fib level is at 83.45, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 82.68, 82.28, 81.71
• Pivot resistance is noted at 83.65, 84.22, 84.63

[/s2If]
Join Our Telegram Group