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EURJPY &NZDUSD Outlook
Published: 11/20/2018

The EURJPY pair is consolidating around 128.000 with a range high around 133.500 and a range low around 124.600. A loss of support around 128.336 may lead to a test lower towards 128.000 and 127.550. The higher low at 126.633 may offer some support but a break down in this area could hand control to sellers who would initially target 125.000 followed by the low around 124.620. Continued selling may target 123.400 and 122.500.

Buyers face an area of resistance around the moving averages with the 100 DMA at 129.315 and the 50 and 200 DMAs at 129.735. The former is about to cross down past the latter creating a death cross on the daily chart. A break past these indicators would lead to a test on 130.000 and the 130.140 area of the lower high. Beyond this point buyers may squeeze sellers to 132.000. This level formed resistance in July and a move past this resistance may target the lower high at 133.200 and the 133.492 area.

 

The NZDUSD chart shows the bounce from the support area of 0.6424 following the selloff in 2018 from 0.7400. This area marks the extent of the recent range on the chart and price is now finally balanced around 0.6800/0.6900. A break higher above the resistance from last week at 0.6885 would see buyers retain control. That would leave them with the opportunity to retest 0.7000 and attempt to squeeze sellers further. A break above the resistance at 0.7061 may target the next resistance area around 0.7155. Above this point price has spent a period of time consolidating earlier in the year and a push to 0.7436 may take longer.

Support at the 0.6814 area is backed by the 200 DMA at 0.6810. A loss of this level may see a drift in price down to 0.6700/0.6687. Sellers would attempt to assume control in this area but may face opposition from buyers using the moving averages as support. These indicators are positioned at 0.6633 and 0.6611 as the 100 and 50 DMAs respectively. A break past these levels and the 0.6600 area may point to a test of 0.6500 with strong selling taking the price to the low at 0.6424.

 

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