NZDJPY To Make Bearish Pattern
After the price reached the resistance level 65.350 the pair suddenly fell to a low 64.334 on yesterday's session, NZDJPY is expected to continue its bearish pattern as price is now consolidating between new resistance level 64.840 and support level 64.334. RSI (14) on H1 chart shows that price is within neutral range. MA (14) shows a slight downtrend as the slow line crossed below the fast line. MACD (12, 26, 9) shows that the slow moving line is about to cross below 0.00 and the fast moving line, which signals a probability of sell bias. As of now price is ranging at support level 64.404 and resistance level 64.860, but a breach under the support level may indicate a continuation of bearish trend.
Asian Session Outlook
During the previous session, the Australian dollar had seen to be in a tremendous hike from 81.87 to 82.97 level. This is due to speculation that the Ireland's request for bailout, which will help fund itself and save its banks, will boost demand for growth-sensitive currencies.
As of today's Asian session, the Australian dollar is anticipated to further gain against its major counterparts, as two market movers have been anticipated to be released later. These indicators include the CB Leading Index at 0.5 percent and the Construction Work Done at 2.1 percent.
The CB Leading Index, which is known to be a combined reading of 7 economic indicators such as money supply, building approvals, profits, exports, inventories and interest rate spreads, remarkable increase at 0.5 percent is expected to drive the Aussie to further appreciate in the incoming trading events.
Meanwhile, the sluggish estimation in the Construction Work Done, which is known as an important gauge of the construction industry, aims to project an incoming decline in the overall employment and spending for the following events.
Momentarily, risk sentiments are eager to spur, however there are still possibility that intraday bias may still fall behind the consolidation trend channel.
Asian Session Outlook
During the previous session, the Australian dollar had seen to be in a tremendous hike from 81.87 to 82.97 level. This is due to speculation that the Ireland's request for bailout, which will help fund itself and save its banks, will boost demand for growth-sensitive currencies.
As of today's Asian session, the Australian dollar is anticipated to further gain against its major counterparts, as two market movers have been anticipated to be released later. These indicators include the CB Leading Index at 0.5 percent and the Construction Work Done at 2.1 percent.
The CB Leading Index, which is known to be a combined reading of 7 economic indicators such as money supply, building approvals, profits, exports, inventories and interest rate spreads, remarkable increase at 0.5 percent is expected to drive the Aussie to further appreciate in the incoming trading events.
Meanwhile, the sluggish estimation in the Construction Work Done, which is known as an important gauge of the construction industry, aims to project an incoming decline in the overall employment and spending for the following events.
Momentarily, risk sentiments are eager to spur, however there are still possibility that intraday bias may still fall behind the consolidation trend channel.
