NZD/JPY Price Analysis: Bullish momentum gains as bears failed to conquer the 20-day SMA
Source Fxstreet
- 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.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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