Technical Update – AUDJPY, NZDJPY and NZDCHF

AUDJPY

Although the pair has sustained its strength above 200-day SMA, it seems to face some stiff resistance near 96.90-97.00 area. However, on short-term chart it seems to have moved within an ascending trend-channel, indicating possibilities of a move above 96.90-97.00 immediate strong resistance, which if conquered seems to boost the pair towards its next major resistance near 97.70 area marking the upper trend-line resistance of the ascending channel and 61.8% Fib. retracement level of Nov. 2014 to Feb. 2015 sharp downfall. Meanwhile, a drop back below 96.00 mark, leading to a subsequent break below the lower trend-line support of the ascending channel, currently near 95.60-50 area, seems to open room for a retest of a very important support near 94.50 level, representing 38.2% Fib. retracement level.

NZDJPY

Although the pair continues trading below an important resistance confluence near 89.30-40 area, comprising of 200-day SMA, 100-day SMA and 38.2% Fib. retracement level of Feb. to April 2015 up-swing, it has managed to hold an important support near 88.00-87.85 area, nearing 50% Fib. retracement level. Moreover, as could be seen on the 4-hourly chart, the pair currently seems to trade within a broad trading range 89.90-90.00 resistance on the upside and 88.00-87.85 support on the downside. The pair currently is witnessing a rebound from important support area and hence sustained trade above 89.00 mark seems to lift the pair back towards 89.30-40 confluence resistance, before heading towards the top end of the trading range resistance near 89.90-90.00 mark. Alternatively, weakness back below 88.60-50 immediate horizontal support might drag the pair back towards testing the lower end of the trading range support near 88.00-87.80 zone. A decisive break below the trading range now seems to trigger the required momentum to take the pair towards testing its next major support near 87.20-87.00 area, marking 61.8% Fib. retracement level.

NZDCHF

Following a break below an important support near 0.6760-50 area, the pair nearly dropped to 0.6600 mark support. Moreover, on 1-hour chart is oscillating within a descending trend-channel, possibly suggesting continuation of the near-term weakening trend. Hence, reversal from the upper trend-line resistance of the channel, currently near 0.6660-70 area, has the potential to drag the pair below its intermediate support near 0.6625-20 area and continue drifting lower towards testing the lower trend-line support of the channel, currently near 0.6595-90 area. Meanwhile, a decisive break-though the upper trend-line resistance of the channel, seems to confront resistance near 0.6725-30 area. This is closely followed by a previous strong support now turned immediate strong resistance near 0.6770-80 area, which now seems to cap any near-term up-move for the pair.

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