NZD/JPY Price Analysis: Bulls dictate the market rhythm, hinting at temporary selling pressure
21.03.2024, 19:53

NZD/JPY Price Analysis: Bulls dictate the market rhythm, hinting at temporary selling pressure

  • On the daily chart, indicators are consolidating but the outlook is favoring the bulls.
  • The hourly chart gives hints of mounting selling traction with indicators deep in the red.

The NZD/JPY pair is currently trading at 91.60, slightly down in Thursday's session. Bulls hold a strong command over the market, even amidst transient selling pressure, which seems not to have weakened their movement with the pair holding above the 20,100 and 200-day Simple Moving Averages (SMAs).

On the daily chart, the NZD/JPY pair reveals an influx of buyers dominating the market, as indicated by the Relative Strength Index (RSI) progressing towards positive territory. The latest reading at 55, sits in the positive zone, but points down, as indicators consolidate. Meanwhile, the Moving Average Convergence Divergence (MACD) reveals a declining trend with red bars, indicating steady but weakening negative momentum.

NZD/JPY daily chart

The hourly landscape provides a more detailed perspective. The RSI has been fluctuating around the negative territory in the recent hours, dropping to 45 by the last hour. It suggests an increase in selling pressure in the short term compared to the daily setup. The continuous red bars of the MACD affirm this, reflecting the negative momentum represented in the RSI. This implies that the sellers step in as the buyers seem to be taking profits.

NZD/JPY hourly chart

Overall, while bulls are in command of the broad trend, the pair could see some additional selling pressure, as selling momentum is present and buyers might continue taking profits from the last two days' gains.

 

NZD/JPY

Overview
Today last price 91.65
Today Daily Change -0.29
Today Daily Change % -0.32
Today daily open 91.94
 
Trends
Daily SMA20 91.59
Daily SMA50 91.11
Daily SMA100 90.43
Daily SMA200 89.05
 
Levels
Previous Daily High 92.01
Previous Daily Low 91.23
Previous Weekly High 91.22
Previous Weekly Low 90.37
Previous Monthly High 93.45
Previous Monthly Low 89.26
Daily Fibonacci 38.2% 91.72
Daily Fibonacci 61.8% 91.53
Daily Pivot Point S1 91.44
Daily Pivot Point S2 90.95
Daily Pivot Point S3 90.66
Daily Pivot Point R1 92.22
Daily Pivot Point R2 92.51
Daily Pivot Point R3 93

 

 

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