NZD/JPY Price Analysis: Buyers dominance diminishes, market could favor sellers soon

Source Fxstreet
Apr 18, 2024 21:29
  • The daily RSI shows that buyers' hold over the market is likely fading, signaling the growing presence of sellers.
  • On the hourly chart, indicators underline a prominent seller command in the past sessions.

The NZD/JPY is trading slightly lower at around 91.23. It seems the firm grip buyers had over the market is dwindling, yet the pair doggedly persists above crucial Simple Moving Averages (SMAs). Market watchers should eye the short-term trajectory of the NZD/JPY for any potential shifts that could give sellers the upper hand. Specifically, if bears breach the 20-day Simple Moving Average (SMA) at 91.00.

On the daily RSI fluctuates around the positive region but is currently pointing down. This, combined with the rising red bars trend in the MACD (Moving Average Converge Divergence) histogram, indicates that buyer dominance is fading and the market could begin favoring sellers soon.

NZD/JPY daily chart

In addition, the hourly Relative Strength Index (RSI) hovers below the neutral 50 line, reflecting a dominant presence of sellers in the recent sessions. The negative thrust is confirmed by the MACD, which reveals decreasing green bars, indicating diminishing positive momentum.

NZD/JPY hourly chart

Upon evaluating the broader landscape, the NZD/JPY is currently hovering above its key Simple Moving Averages (SMAs), reflecting continued buying pressure thereby sustaining the long-term uptrend. However, the pair closely challenges the 20-day SMA, suggesting potential for further downward movements if this level doesn’t hold. Moreover, the pair maintaining a stance above the 100 and 200-day SMAs reinforces a long-term bullish view.

 

NZD/JPY

Overview
Today last price 91.28
Today Daily Change -0.04
Today Daily Change % -0.04
Today daily open 91.32
 
Trends
Daily SMA20 91.07
Daily SMA50 91.43
Daily SMA100 90.67
Daily SMA200 89.34
 
Levels
Previous Daily High 91.44
Previous Daily Low 90.67
Previous Weekly High 92.37
Previous Weekly Low 90.7
Previous Monthly High 92.2
Previous Monthly Low 90.17
Daily Fibonacci 38.2% 91.15
Daily Fibonacci 61.8% 90.97
Daily Pivot Point S1 90.85
Daily Pivot Point S2 90.38
Daily Pivot Point S3 90.08
Daily Pivot Point R1 91.62
Daily Pivot Point R2 91.92
Daily Pivot Point R3 92.39

 

 

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