NZD/JPY Price Analysis: Bears hold the upperhand, bearish SMA crossover might intensify momentum


  • The RSI on the daily chart lies deep in negative terrain.
  • Inidicators on the hourly chart are showing a slight improvement.
  • The 20 and 100-day SMAs are about to complete a bearish crossover around 91.00.

In Tuesday's session, the NZD/JPY pair is trading with a slight rise to 90.42, marking a 0.16% gain. Despite this, sellers retain dominance within the broader market scenario, hinting towards an entrenched bearish sentiment. Encouragingly though, hourly data suggests the potential for short-term bullish corrections, indicating a touch of buyer resilience.

On the daily chart, the Relative Strength Index (RSI) shows a predominantly negative trend, remaining in the negative territory in the last sessions. Concurrently, the Moving Average Convergence Divergence (MACD) histogram reveals rising red bars, indicating a rising negative momentum.

NZD/JPY daily chart

Moving on to the hourly chart, RSI values are inclining more towards the positive side, with the recent readings registered at 53. This shift may hint at a short-term gain in buyers' momentum. In addition, the hourly MACD histogram displays green bars, adding arguments for the recovering bullish momentum.

NZD/JPY hourly chart

Upon examining the broader perspective, the NZD/JPY has showcased significant bearish tendencies as its sits below its 20, 100 and 200-day Simple Moving Averages (SMA). In addition, a bearish crossover of the 20 and 100-day SMA at around 91.00 could precipitate even sharper declines.

Summarizing, sellers seem to have control over the NZD/JPY pair's direction on the daily chart. However, recent hourly data indicates potential short-term bullish corrections. Nevertheless, the prevailing trend is inclined towards further weakness, reinforced by the SMA positioning, and a potential bearish crossover.

NZD/JPY

Overview
Today last price 90.44
Today Daily Change 0.16
Today Daily Change % 0.18
Today daily open 90.28
 
Trends
Daily SMA20 90.95
Daily SMA50 91.17
Daily SMA100 90.55
Daily SMA200 89.16
 
Levels
Previous Daily High 90.7
Previous Daily Low 90.11
Previous Weekly High 91.25
Previous Weekly Low 90.17
Previous Monthly High 92.2
Previous Monthly Low 90.17
Daily Fibonacci 38.2% 90.34
Daily Fibonacci 61.8% 90.48
Daily Pivot Point S1 90.02
Daily Pivot Point S2 89.76
Daily Pivot Point S3 89.42
Daily Pivot Point R1 90.62
Daily Pivot Point R2 90.96
Daily Pivot Point R3 91.22

 

 

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