FX:NZDJPY   Dollar Néo-Zélandais / Yen Japonais
NZD/JPY retraces brief dip below 200-DMA and is currently hovering around 78 handle.

A rally in oil prices is underpinning the sentiment around the resource-linked kiwi.

NZD also takes support from upbeat Chinese headline trade data, which showed widening trade surplus in both Yuan as well USD terms.

Risk-on seen in the markets following Macron's victory in French elections weighing on JPY a further boost to the major.

On the weekly charts, the pair has broken above 50-SMA and is attempting a break above 100-SMA at 77.78.

Technical studies are biased higher. Weekly cloud offers strong support. Close above weekly 100-SMA to accentuate upside.

Support levels - 77.71 (converged 5 & 200 DMA), 77.03 (weekly 50-DMA), 76.80 (20-DMA)

Resistance levels - 78.75 (38.2% Fib of 83.80 to 75.62 fall), 79 (cloud base), 79.71 (50% Fib)

Recommendation: Good to go long on dips around 78, SL: 77.50, TP: 78.75/ 79/ 79.70

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