Market news
23.07.2024, 20:00

NZD/JPY Price Analysis: Bears conquer 100-day SMA and gain further ground

  • Tuesday's trading session extended the NZD/JPY pair's downward trajectory.
  • Losses were recorded in nine out of the past ten sessions, intensifying the bearish momentum.
  • Sellers now have the advantage, having descended past the critical 100-day SMA.

In Tuesday's trading session, the NZD/JPY pair continued its fall and dipped to 92.60, marking a 1.30% drop. The pair has seen losses in nine out of the last ten sessions, boosting the bearish momentum significantly. Since the beginning of July, the cross has plunged by a massive 5%, now having dug its claws below the crucial 100-day Simple Moving Average (SMA).

Despite this seemingly relentless journey south, daily technical indicators languishing deep in oversold territory suggest a potential for an incoming correction. The Relative Strength Index (RSI) stands at 23, sinking further into oversold territory. Moreover, the Moving Average Convergence Divergence (MACD) continues to print rising red bars, indicating persistent selling pressure.

NZD/JPY daily chart

With the pair now below 93.00, bulls must present battle at 92.50 to avoid further losses with the 92.00 area around the 200-day SMA as the final barrier. On the flip side, resistance levels rest at the previous levels of 93.00, 93.50, and 94.00 (former supports).

© 2000-2024. All rights reserved.

This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.

Bank
transfers
Feedback
Live Chat E-mail
Up
Choose your language / location