NZD/JPY Price Analysis: Buyers step back to consolidate, sellers gain ground
30.04.2024, 19:59

NZD/JPY Price Analysis: Buyers step back to consolidate, sellers gain ground

  • The daily RSI for the NZD/JPY shows a decreasing trend, hinting at a growing bearish bias.
  • On the hourly chart, both RSI and MACD reflect a growing bearish tendency, supporting the daily chart's sentiment.
  • Any movements that leave the pair above its 20-day SMA won’t challenge the bullish outlook.

The NZD/JPY pair is down by 0.45% on Tuesday, trading at 92.99. Despite some bearish undertones, the NZD/JPY maintains a long-term bullish trend above its principal Simple Moving Averages (SMAs). There is potential for short-term momentum shifts, as investors are stepping back to take profits after propelling the pair to highs since 2015 on Monday.

On the daily chart, the Relative Strength Index (RSI) for NZD/JPY has decreased over the previous sessions. The index moved from overbought terrain to below 70 indicating a possible reversal or slowdown in the buyer’s traction.

NZD/JPY daily chart

Moving to an intraday basis, the hourly chart presents a similar scenario. The  RSI plunged into negative territory. Simultaneously, the Moving Average Convergence Divergence (MACD) printed a red bars signaling a rising negative momentum. This indicates that investors continued taking profits on Tuesday and that the sellers commanded the trades during the session.

NZD/JPY hourly chart

From a broader perspective, NZD/JPY remains bullish despite the downside as it remains above its Simple Moving Averages (SMA) of 20,100, and 200-day periods. However, if the bears manage to gather additional momentum they might reclaim the 20-day SMA which may worsen the outlook for the pair in case of being lost.

 

NZD/JPY

Overview
Today last price 92.91
Today Daily Change -0.54
Today Daily Change % -0.58
Today daily open 93.45
 
Trends
Daily SMA20 91.66
Daily SMA50 91.53
Daily SMA100 90.84
Daily SMA200 89.52
 
Levels
Previous Daily High 95.42
Previous Daily Low 92.2
Previous Weekly High 94.09
Previous Weekly Low 90.95
Previous Monthly High 92.2
Previous Monthly Low 90.17
Daily Fibonacci 38.2% 93.44
Daily Fibonacci 61.8% 94.19
Daily Pivot Point S1 91.96
Daily Pivot Point S2 90.47
Daily Pivot Point S3 88.74
Daily Pivot Point R1 95.18
Daily Pivot Point R2 96.91
Daily Pivot Point R3 98.4

 

 

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