NZD/JPY Price Analysis: Bullish momentum eases, buyers and sellers find consolidation

Source Fxstreet
May 30, 2024 18:07
  • The daily chart escapes overbought signals as the overall trend begins to consolidate.
  • After reaching multi-year highs above 96.70, NZD/JPY enters a phase of consolidation with support found at 95.50.
  • The 95.00 offers strong support to prevent further losses.

On Thursday's trading session, the NZD/JPY pair underwent further corrections, with sellers gaining momentum. Nonetheless, the pair managed to clear some losses and found strong support at 95.50. Traders are also eying the 95.00 threshold to prevent further losses. While signs of a possible reversal in momentum have waned, the overall outlook remains a phase of consolidation.

According to the daily chart indicators, the Relative Strength Index (RSI) now stands below 70, reflecting a change from previous overbought conditions. This coincides with a potential pause or slow in price gains. Simultaneously, the Moving Average Convergence Divergence (MACD) indicates a decrease in positive momentum with shrinking green bars.

NZD/JPY daily chart

Glancing at the hourly chart, the RSI and MACD histograms have both flattened in negative territory. This suggests that sellers may be losing traction on an hourly basis, indicating consolidation.

NZD/JPY hourly chart

As the consolidation phase continues, any downward movements that keep the pair above its Simple Moving Averages (SMAs) could be considered corrective, providing the pair stays above the key support level of 95.00.

NZD/JPY

Overview
Today last price 95.99
Today Daily Change -0.36
Today Daily Change % -0.37
Today daily open 96.35
 
Trends
Daily SMA20 94.54
Daily SMA50 92.7
Daily SMA100 91.9
Daily SMA200 90.33
 
Levels
Previous Daily High 96.71
Previous Daily Low 96.24
Previous Weekly High 96.15
Previous Weekly Low 95.08
Previous Monthly High 95.42
Previous Monthly Low 89.96
Daily Fibonacci 38.2% 96.42
Daily Fibonacci 61.8% 96.53
Daily Pivot Point S1 96.15
Daily Pivot Point S2 95.96
Daily Pivot Point S3 95.68
Daily Pivot Point R1 96.63
Daily Pivot Point R2 96.91
Daily Pivot Point R3 97.1

 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Copper Long-term forecast: Will Copper Price Expected To Soar In 2023?The price of copper is affected by various of factors. You may wonder how the price of cooper will be in 2023, check out our forecast analysis.
Author  Mitrade
The price of copper is affected by various of factors. You may wonder how the price of cooper will be in 2023, check out our forecast analysis.
placeholder
Understanding the first crypto market crash of 2024 and what to expect nextThe 365-day MVRV ratio suggests that this crash may be just the beginning. If the ETF is rejected before the second quarter of 2024, it could trigger a sharp correction.
Author  FXStreet
The 365-day MVRV ratio suggests that this crash may be just the beginning. If the ETF is rejected before the second quarter of 2024, it could trigger a sharp correction.
placeholder
Natural Gas faces upside pressure as European traders prepare for next heating seasonNatural Gas (XNG/USD) prices are holding ground above $2.00 on Friday after a brief dip earlier this week. Gas prices are quickly recovering as mainland Europe is gearing up for the next heating season, with traders starting to negotiate contracts in
Author  FXStreet
Natural Gas (XNG/USD) prices are holding ground above $2.00 on Friday after a brief dip earlier this week. Gas prices are quickly recovering as mainland Europe is gearing up for the next heating season, with traders starting to negotiate contracts in
placeholder
Bitcoin Price’s Path To $300,000 Cleared By Massive Bullish Pattern, Says AnalystAccording to an analysis shared by renowned crypto analyst Gert van Lagen, the Bitcoin price chart has illustrated a significant technical pattern in the 3-day chart (BTC/USD) that could potentially
Author  NewsBTC
According to an analysis shared by renowned crypto analyst Gert van Lagen, the Bitcoin price chart has illustrated a significant technical pattern in the 3-day chart (BTC/USD) that could potentially
placeholder
US Dollar flattens as Powell smashes hopes of quick interest-rate cutsThe US Dollar (USD) trades overall in the green against most peers on Thursday, posting only slight gains, making the US Dollar Index (DXY) trade in a very narrow range.
Author  FXStreet
The US Dollar (USD) trades overall in the green against most peers on Thursday, posting only slight gains, making the US Dollar Index (DXY) trade in a very narrow range.
goTop
quote