NZD/JPY Price Analysis: Bears intensify their grip, bulls must defend SMAs
18.03.2024, 18:35

NZD/JPY Price Analysis: Bears intensify their grip, bulls must defend SMAs

  • The NZD/JPY gave up daily gains and trades with losses in the American Session.
  • The hourly chart, shows indicators moving towards oversold terrain.
  • On the daily chart, indicators stand mostly flat.

In Monday's trading, the NZD/JPY reversed its course and gave up daily gains to decline towards 90.60. Recent movements show an intensification of seller activity as indicators slowly move towards oversold territory while on the daily chart the selling traction somewhat flattened.

On the daily chart, the Relative Strength Index (RSI) fell last week within negative territory and currently stands at around 40.65, mostly flat. This reveals lower momentum from the sellers. This tendency is exalted with the Moving Average Convergence Divergence (MACD) 's flat red bars suggest that negative momentum is consolidating.

NZD/JPY daily chart

Turning attention to the hourly chart, the RSI fell deeper into negative territory while the MACD exhibited rising red bars. However, as short-term indicators seem to be moving towards oversold territory, it could pave the way for a short-term recovery to consolidate losses.

NZD/JPY hourly chart

In conclusion, while indicators appear to have turned flat on the daily chart, the selling momentum intensified in the hourly chart, suggesting that the pair could suffer more pain for the rest of the session. Looking at the broader trend, there are not enough arguments to conclude a bearish outlook as the pair sits above the 100 and 200-day Simple Moving Average (SMA). That being said, the sellers are in control for the immediate short term.

NZD/JPY

Overview
Today last price 90.6
Today Daily Change -0.08
Today Daily Change % -0.09
Today daily open 90.68
 
Trends
Daily SMA20 91.77
Daily SMA50 91.05
Daily SMA100 90.32
Daily SMA200 88.97
 
Levels
Previous Daily High 90.95
Previous Daily Low 90.37
Previous Weekly High 91.22
Previous Weekly Low 90.37
Previous Monthly High 93.45
Previous Monthly Low 89.26
Daily Fibonacci 38.2% 90.59
Daily Fibonacci 61.8% 90.73
Daily Pivot Point S1 90.38
Daily Pivot Point S2 90.08
Daily Pivot Point S3 89.8
Daily Pivot Point R1 90.97
Daily Pivot Point R2 91.25
Daily Pivot Point R3 91.55

 

 

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