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USD/JPY — This is a market that initially fell down to the 104.00 level initially and then bounced around to form a nice looking hammer. A break above the hammer and the 106.00 level, I think it changes the trend completely and we continue to go higher. Obviously this is in reaction to the Bank of Japan possibly threatening things with intervention. If we do pullback, I think the 103.00 level could offer buying opportunities.

NZD/USD — We went back and forth, forming a rather neutral candle. If we can break above the top of it, I think we continue to grind well above the 0.7300 level and reach towards the 0.7500 level. That is my long-term goal. We have support from 0.7200 all the way down to 0.7000 level. The 0.7000 level is essentially the floor in this market. This is a buy only market for me. It is going to grind and not easy, but it is bullish.

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USD/JPY — We rallied pretty drastically during the day. So, really at this point in time, we are testing the 105.00 level. Having said that, this is an area that I suggested previously would be resistive and I think it goes to the 106.00 level. With that being the case, this is an area that is going to be difficult to overcome. If we do get above, then we will go much higher. Clearly, at this point in time, people are concerned about the Bank of Japan, which I have been talking about for a few days and about the 100.00 level. But we have gone a little too far, too quick in my estimation. So, a pullback is needed in order to build up the momentum to go higher. At the moment, I have no interest in selling.

NZD/USD — We broke higher and made fresh new highs. But right now we are just grinding. I think eventually we will go higher, if we break above the 0.7300 level. If we pull back, I think the 0.7200 level will offer enough support and 0.7000 is most certainly the floor in the market. So, either way this is a buy only market at the moment.

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USD/JPY — It looks like the USD/JPY took off to the upside on Monday, I believe that this has something to do with the fact that the Japanese did not have any opportunity to react to the better than anticipated Non Farm Payroll number until now. So, with this, it looks like we are going to continue to grind higher. The 103.00 will cause a little bit of trouble, but if we get above there, I think we will go to the 105.00 level. The 105.00 level shows quite a bit of resistance and an exhaustive candle there could be reason enough to sell. If we get above there, that is a very bullish sign. I think we may be trying to turn around, but in this pair, it tends to slam around quite a bit in the process and we expect volatility.

NZD/USD — We fell and then as we got to the end of the day, we tested the 0.7200 level, which of course previously was resistance and now should act as support. I am simply waiting for a supportive candle, maybe on a 4-hour chart in order to go long. I think selling is not even possible until we get below the 0.7000 level. So, at this point in time, it is a buy only and I just need the right supportive candle in order to take advantage of it.

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USD/JPY — It looks to me that we are going to continue to see volatility, but the only thing that I am paying most attention to, is the 100.00 level. The fact that it is a bit of line in the sand as far the Bank of Japan is concerned. I think traders will be concerned about holding short positions and therefore we should get a bounce sooner rather than later. And a breakdown below this level will almost be begging the BOJ to intervene. And I think they are fairly close to it if this continues. So, I fully expect this market to bounce and it is not until we break above 101.50, I will consider changing my strategy between now and then. I am just waiting for a bounce.

NZD/USD — We took off to the fresh new high during the day, after initially trying to pull back. And the kiwi is, quite frankly, healthier looking and pullbacks should continue to offer buying opportunities as we broke above the 0.7300 level. Now we are targeting the 0.7500 level.

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Bullish persistence above 0.6550 (the depicted support) was necessary to keep the price moving towards higher bullish targets.

In February and March, signs of bearish rejection (triple-top reversal pattern) were expressed around the price level of 0.6750 until April when a bullish breakout above 0.6750 and 0.6860 was executed.

Later on May 6, daily candlestick closure below the 0.6850 level enhanced a quick bearish movement towards 0.6750 where bullish rejection was expected to be applied. However, obvious bearish closure below 0.6750 was achieved on May 24.

On May 30, obvious bullish rejection was expressed around the price level of 0.6675 (the lower limit of the depicted channel). That’s why, the recent bullish breakout is taking place above 0.6860.

As long as the NZD/USD pair kept trading above 0.6860, further bullish advancement was expected towards the price zone around 0.7200 (the upper limit of the depicted channel).

Price action should be watched around the price zone of 0.7150 – 0.7200 (the upper limit of the depicted channel) for a valid SELL entry especially after the recent signs of bearish rejection were expressed. T/P levels should be located at 0.6970, 0.6900 and 0.6850.

On the other hand, the price zone between 0.6760 – 0.6860 constitutes a significant support zone to offer bullish rejection and a valid BUY entry if bearish pullback persists below 0.7000.

The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com

NZD/USD is expected to trade with a bullish bias. The pair stands above both 20-period and 50-period moving averages and is continuing its rebound. And the relative strength index stays above 50. Further bounce is expected with 0.7150 and 0.72 as targets. However, if the pair turns down and breaks below 0.7055, it would open the way to further drop toward 0.7015 and 0.6980 in extension.

Recommendation:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 0.7150 and the second one at 0.7200. In the alternative scenario, short positions are recommended with the first target at 0.7015 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.6980. The pivot point is at 0.7055.

Resistance levels: 0.7150, 0.72, 0.7245

Support levels: 0.7015, 0.6980, 0.6930

The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com

The New Zealand dollar (sign: $; code: NZD) is the currency of New Zealand. It also circulates in the Cook Islands (see also Cook Islands dollar), Niue, Tokelau, and the Pitcairn Islands. The New Zealand Dollar is divided into 100 cents. It is normally written with the dollar sign $, or alternatively NZ$ to distinguish it from other dollar-denominated currencies. It is often informally known as the “Kiwi (dollar)”, from the word Kiwi typically being associated with New Zealand, and the fact the $1 coin depics a kiwi. It is one of the 16 most-traded currencies in the world.

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