NZD/JPY intraday: below its lower Bollinger band
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96.20 is our pivot point.
Our preference: the downside prevails as long as 96.20 is resistance.
Alternative scenario: above 96.20, look for 96.45 and 96.60.
Comment: the RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 96.19 and 96.34). Finally, the NZD/JPY has penetrated its lower Bollinger band (95.99).
Supports and resistances:
96.60 **
96.45 *
96.20 **
96.10
95.94 last
95.62
95.47 **
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