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  • Ahead of the RBNZ, the cross has been forming a bullish hourly flag within an ascending channel and bullish Ichimuko Cloud formation, while trading between the 61.8% Fibo and 78.6% Fibo of 20-24th March range.  
  • On a break to the upside, put of the flag formation, a continuation of the upside would be expected of the length of the flag pole, around 50 pips, fro the break-up  point of the flag, 76.90 target.  
  • However, first stop could come at the top of the eclipse and daily trend line resistance around 76.70, that’s if the 78.6% fibo doesn’t hold up the bulls first, located at the flags highest point of 76.49.  
  • To the downside, bears can target the cloud support and 38.2% fibo confluence of same range, meeting the prior lows, making an area od between 75.93/96.
  • First, bears will need to break the 61.8% Fibo at 76.27 and then the 50% Fibo at 76.11.  

NZD/JPY hourly chart