NZD/JPY closes its worst week in 2023, bears rejected at the 100-day SMA

NZD/JPY tallied a 2.60% weekly decline, its worst since December 2022.
On the daily chart, indicators favor the bears in the short term.
On the four-hour chart, bears stepped out to consolidate their recent movements.

Patricio Martín FXStreet

At the end of the week, the NZD/JPY declined to 88.75, seeing nearly 0.25% losses, after reaching a low of around 87.95 at the 100-day Simple Moving Average (SMA).

Overall, the outlook is bearish for the short term, but bulls dominate the larger time frames. The daily Relative Strength Index (RSI) printed a negative slope below 50, while the rising red bars on the Moving Average Convergence Divergence (MACD) indicate that the bears are gaining ground.

Concerning Simple Moving Averages (SMAs), the cross stands below the 20-day average but above the 100-day and 200-day SMAs which indicates that on the broader scale, the bulls are still in command in the broader scale, and as long as the bears fail to conquer those averages their momentum won’t be enough to reverse the overall trend.

Zooming, the four-hour chart indicators flattened in negative territory. The Relative Strength Index (RSI) stands neutral just above the oversold threshold, while the MACD prints flat red bars which suggest that bears seem to be consolidating the recent downward movements.

Support Levels: 88.55, 88.15 (100-day SMA), 87.70.
Resistance Levels: 89.25, 89.80, 90.00 (20-day SMA).

NZD/JPY daily chart

NZD/JPY

Overview
Today last price	88.75
Today Daily Change	0.06
Today Daily Change %	0.07
Today daily open	88.69

Trends
Daily SMA20	90.22
Daily SMA50	89.17
Daily SMA100	88.17
Daily SMA200	86.57

Levels
Previous Daily High	90.8
Previous Daily Low	87.69
Previous Weekly High	91.52
Previous Weekly Low	90.23
Previous Monthly High	91.38
Previous Monthly Low	87.56
Daily Fibonacci 38.2%	88.88
Daily Fibonacci 61.8%	89.61
Daily Pivot Point S1	87.32
Daily Pivot Point S2	85.95
Daily Pivot Point S3	84.21
Daily Pivot Point R1	90.43
Daily Pivot Point R2	92.17
Daily Pivot Point R3	93.54

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

AUD/USD struggles below mid-0.7000s ahead of Aussie jobs data, Trump-Xi summit

AUD/USD consolidates near its lowest level since August 7, trading below mid-0.7000s during the Asian session on Thursday ahead of Australian jobs data and the Trump-Xi meeting. Meanwhile, Fed rate hike bets keep US bond yields elevated near multi-year highs. This, along with geopolitical risks, helps the US Dollar preserve overnight gains to a nearly two-month peak and caps the currency pair.

USD/JPY stands firm near mid-157.00s, close to two-week high

USD/JPY hovers around mid-157.00s in the Asian session on Wednesday, near two-week highs touched last Friday as the BoJ's dovish rate hike continues to undermine the Japanese Yen. Meanwhile, the US Dollar remains firm amid the Fed's hawkish stance, adding support to the pair, though JPY intervention fears cap further gains. Markets pay little heed to the completion of the round of US-Iran indirect talks ahead of Trump-Xi meeting.

Gold falls to weekly troughs below $4,300

Gold rapidly leaves behind two daily upticks in a row and comes under heightened downside pressure midweek. Indeed, the precious metal breaches below the $4,300 mark per troy ounce to reach weekly lows amid the marked recovery in the US Dollar and the generalised upbeat tone in the US money market.

Australia unemployment rate expected to remain unchanged at 4.5% in August

Australia will release the August monthly employment report on Thursday at 01:30 GMT. Ahead of the announcement, analysts expect the country to have added 20K new jobs in the month, while the Unemployment Rate is expected to remain steady at 4.5%. The Australian Bureau of Statistics (ABS) report is also expected to show that the Participation Rate stood at 66.9%, unchanged from the previous month.

Ethereum takes a breather at $2,700 as activity, leverage stays calm

Ethereum declines 3% below $2,700 on Wednesday, as the crypto market takes a breather from recent price surges. Open interest, which measures the total worth of unsettled contracts in a derivatives market, has remained calm in ETH terms since the late August short squeeze that pushed prices above $2,000.

BoJ Recap: Not as hawkish as expected

The Bank of Japan (BoJ) raised its short-term interest-rate target to 1.25% from 1.00% in a 7-2 vote, marking another step in the normalisation of monetary policy and widely matching what everyone has been expecting for weeks.