NZDJPY Chart Technical Outlook is gaining some traction above 87,00, upside attempts likely to remain limited. The New Zealand Dollar is picking some bds on Tuesday, favored by the unexpected rate cut by the Chinese central bank. The pair, however, remains trading without a clear direction in a corrective channel after having peaked near 90.00 in early June.
With both pairs are trading lower against the USD and the RBNZ widely expected to keep rates on hold at 5.5% later this week, forced by the weak New Zealand’s economic outlook, I expect the pair’s upside attempts to remain limited.
The 4H 100 SMA, now at 87.20 and last week’s high at 87.75 are likely to hold bulls. Support levels are 86.35 and 85.05.