NZD/JPY breaks major support at 73.80

May 24, 2016

Kiwi bears relentless amid risk-off sentiment persisting in the markets, both Asian equities and oil prices trading in the red. NZD/JPY extending overnight slump, breaks major support at 73.80, is on track to test channel base support at 72.30.

Poor Westpac MNI Chinese consumer sentiment data further adds to the downward pressure on the bird. Techs also support downside, Stochs have bounced off from near overbought levels, 5-DMA is on the verge of a bearish crossover on 10-DMA. Momentum is bearish, RSI is biased lower. 

US new home sales data due later today, and NZ trade balance data due tomorrow may provide fresh direction on NZD/USD. Pair see strong resistance at 74 levels (converged 5&10 DMA and psychological level). Bearish invalidation above 74. Supports ahead of 72.30 are located at 73.20, 73 and then 72.88 levels. 

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