NZD/JPY Price Analysis: Bullish momentum gains as bears failed to conquer the 20-day SMA

Source Fxstreet
Apr 22, 2024 19:53
  • The NZD/JPY's daily RSI reveals a transition towards positive territory, indicating a growing buying momentum.
  • Both daily and hourly MACD portray a neutral scenario with their flat green bars, neither favoring buyers nor sellers significantly.
  • Buyer's decisive support at the 20-day SMA in recent sessions indicates heightened bullish sentiment within the market.

The NZD/JPY rose to 91.59 on Monday and maintains a steady uptrend. Indicators on the daily and hourly charts are favoring the buyers and as the bears failed to breach the 20-day Simple Moving Average (SMA), the outlook remains positive for the short term.

On the daily chart, the Relative Strength Index (RSI) reveals a transition from negative to positive territory, currently at 55. This shift shows a slight bullish momentum, indicating that traders are favoring more buying activities. The Moving Average Convergence Divergence (MACD) histogram exhibits flat green bars, suggesting a neutral momentum, neither favoring buyers nor sellers significantly.

NZD/JPY daily chart

On the hourly chart, the RSI advances further into positive territory, peaking at 64 before slightly receding to 59. This movement signifies that buying activities have intensified during the American session. The MACD continues to exhibit flat green bars, mirroring the neutral momentum indicated on the daily chart.

NZD/JPY hourly chart

From a broader perspective, the NZD/JPY demonstrates a robust performance by situating above its key Simple Moving Averages (SMA), a technical indicator that averages the currency pair's closing prices over specific periods. Its stance above the 20, 100, and 200-day SMA suggests a consistent uptrend, representing both short-term and long-term strength. In the last sessions, the buyers defended the 20-day SMA at 91.10. This type of decisive support provides further evidence of a bullish sentiment among traders, which could stimulate more upside potential for the NZD/JPY.

 

NZD/JPY

Overview
Today last price 91.58
Today Daily Change 0.53
Today Daily Change % 0.58
Today daily open 91.05
 
Trends
Daily SMA20 91.07
Daily SMA50 91.42
Daily SMA100 90.67
Daily SMA200 89.36
 
Levels
Previous Daily High 91.32
Previous Daily Low 89.96
Previous Weekly High 91.62
Previous Weekly Low 89.96
Previous Monthly High 92.2
Previous Monthly Low 90.17
Daily Fibonacci 38.2% 90.48
Daily Fibonacci 61.8% 90.8
Daily Pivot Point S1 90.23
Daily Pivot Point S2 89.42
Daily Pivot Point S3 88.88
Daily Pivot Point R1 91.59
Daily Pivot Point R2 92.13
Daily Pivot Point R3 92.95

 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
USD/INR recovers ahead of India-US PMI dataIndian Rupee (INR) struggles to gain ground on Thursday. The hawkish stance from the FOMC Minutes and the Federal Reserve (Fed) policymakers boosts the Greenback and creates a tailwind for the pair.
Source  Fxstreet
Indian Rupee (INR) struggles to gain ground on Thursday. The hawkish stance from the FOMC Minutes and the Federal Reserve (Fed) policymakers boosts the Greenback and creates a tailwind for the pair.
placeholder
USD/JPY Price Analysis: Faces strong resistance as bulls target 157.00The USD/JPY erased Tuesday’s losses and climbed past the 156.50 area after the announcement of the latest US Federal Reserve meeting minutes.
Source  Fxstreet
The USD/JPY erased Tuesday’s losses and climbed past the 156.50 area after the announcement of the latest US Federal Reserve meeting minutes.
placeholder
EUR/GBP retreats as chances of BoE's June cut plunge after UK's CPIThe EUR/GBP traded lower falling to 0.8505 on Wednesday after the Pound garnered strength following the Office for National Statistics (ONS) releasing inflation data higher than the market's expectations.
Source  Fxstreet
The EUR/GBP traded lower falling to 0.8505 on Wednesday after the Pound garnered strength following the Office for National Statistics (ONS) releasing inflation data higher than the market's expectations.
goTop
quote