NZD/JPY Price Analysis: Bears advance and target the 20-day SMA

Source Fxstreet
Apr 10, 2024 21:21
  • The hourly chart indicators reveal a mounting selling pressure, hinting at a pause in bullish momentum.
  • To maintain the current bullish momentum, it's essential for the pair to uphold its standing above the key SMA.

The NZD/JPY pair declined near the 91.33 mark, indicating a battle between optimism favoring a bullish market and mounting bearish pressure. The market trend leans towards the bullish side as the pair stays above critical Simple Moving Averages (SMAs) levels; however, a shift in momentum toward downward forces suggests impending consolidation.

On the daily chart, the Relative Strength Index (RSI) is in positive territory, indicating a mild bullish momentum. Despite a recent decrease, the prevailing trend remains largely positive. The Moving Average Convergence Divergence (MACD) reveals decreasing green bars, also suggesting a slight loss in positive momentum. However, the persisting positive RSI readings indicate that the majority of traders favor the buy side.

NZD/JPY daily chart

In the hourly analysis, the RSI hovers in the oversold territory, indicating strong selling pressure but as the downward movements are overextended an upward corrective move may be possible ahead of the Asian session. In addition, the MACD histogram prints red bars, adding arguments for the negative momentum.

NZD/JPY hourly chart

Inspecting the broader perspective, the NZD/JPY demonstrates a bullish trend with its current standing above the 20,100, and 200-day Simple Moving Averages (SMAs). However, the bears seem to be eyeing the 20-day SMA level of 91.00, which poses a significant turning point. A successful breach below this level could reinforce the arguments for the bears and the pair could see additional downside in the next sessions.

 

NZD/JPY

Overview
Today last price 91.48
Today Daily Change -0.48
Today Daily Change % -0.52
Today daily open 91.96
 
Trends
Daily SMA20 91.01
Daily SMA50 91.28
Daily SMA100 90.62
Daily SMA200 89.24
 
Levels
Previous Daily High 92.19
Previous Daily Low 91.55
Previous Weekly High 91.7
Previous Weekly Low 90.11
Previous Monthly High 92.2
Previous Monthly Low 90.17
Daily Fibonacci 38.2% 91.94
Daily Fibonacci 61.8% 91.79
Daily Pivot Point S1 91.61
Daily Pivot Point S2 91.26
Daily Pivot Point S3 90.97
Daily Pivot Point R1 92.25
Daily Pivot Point R2 92.54
Daily Pivot Point R3 92.89

 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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