Market news
22.03.2024, 18:17

NZD/JPY Price Analysis: Bearish signals intensify short-term, long-term bullish trend remains

  • Bearish pressure intensified on the daily chart, and the pair lost the 20-day SMA.
  • As the pair lies deeply oversold on the hourly chart, buyers might start taking profits.

The NZD/JPY pair is trading at 90.748, marking a significant dip of 0.98%. Despite the presence of strong selling pressure, the pair persistently resides above its 100 and 200-day Simple Moving Averages (SMAs). This suggests a dominant bullish force in long-term time frames. But the fact the sellers conquered the 20-day average, paints the short-term outlook with a negative tone.

Based on the indicators of the daily chart, some important dynamics can be observed. The Relative Strength Index (RSI), currently at 43, resides in the negative territory. This position, coupled with its falling, suggests a dominance of sellers in the market for now. In addition, the Moving Average Convergence Divergence (MACD) histogram reveals rising red bars, further substantiating the negative momentum.

NZD/JPY daily chart

Shifting to the hourly chart, the RSI shows a value of 23, indicating that the pair is deeply oversold. Compared to the daily chart, an amplified negative trend is apparent. However, the MACD on this shorter time frame similarly showcases flat red bars, emphasizing the current bearish momentum but a less intense grip which might suggest that the pair might start consolidating.

NZD/JPY hourly chart

If the bulls want to maintain the overall bullish trend, they must defend the 100 and 200-day SMAs. In case lost, the bearish pressure might intensify further. In the meantime, they could act as a support for sellers to consolidate their downward movements.

NZD/JPY

Overview
Today last price 90.8
Today Daily Change -0.82
Today Daily Change % -0.90
Today daily open 91.62
 
Trends
Daily SMA20 91.51
Daily SMA50 91.13
Daily SMA100 90.45
Daily SMA200 89.07
 
Levels
Previous Daily High 92.2
Previous Daily Low 91.58
Previous Weekly High 91.22
Previous Weekly Low 90.37
Previous Monthly High 93.45
Previous Monthly Low 89.26
Daily Fibonacci 38.2% 91.82
Daily Fibonacci 61.8% 91.96
Daily Pivot Point S1 91.4
Daily Pivot Point S2 91.18
Daily Pivot Point S3 90.78
Daily Pivot Point R1 92.02
Daily Pivot Point R2 92.43
Daily Pivot Point R3 92.65

 

 

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