NZD/JPY Price Analysis: Bears push slightly down, testing support at 89.70

NZD/JPY declined on Tuesday's session to settle around 89.70.
The RSI is hovering near the 50 midline, suggesting a neutral bias.
The MACD is flat green, indicating a lack of clear momentum.

Patricio Martín FXStreet

The NZD/JPY currency pair is facing renewed selling pressure on Tuesday, declining by 0.30% to trade around 89.70. Technical indicators display mixed signals, suggesting that the pair is likely to remain range-bound in the near term.

The Relative Strength Index (RSI) is fluctuating around the 50 midline at 46, indicating that neither buyers nor sellers have a clear advantage. This reading suggests that the pair is likely to continue its sideways movement within the current range. The Moving Average Convergence Divergence (MACD) is also showing a neutral bias, with flat green bars indicating that the bullish momentum is neither gaining nor losing strength.

NZD/JPY daily chart

As the pair seems to be stuck in a consolidation period and with indicators flat, the cross might continue trading in the 88.00-90.00 channel. A break above or below these levels might set the pace for the short term.

Author

Patricio Martín

FXStreet

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

AUD/USD hits nine-week lows below 0.7000 on RBA Bullock's remarks

AUD/USD reverses a brief uptick and turns lower to hit nine-week lows below 0.7000 in the European morning on Tuesday, as traders digest cautious remarks from Reserve Bank of Australia (RBA) Governor Michele Bullock during the press conference. Earlier on, the RBA raised the cash rate to 4.60%, as widely expected, leaving the door open to further rate hikes if needed.

USD/JPY consolidates near 157.50 as a bullish USD counters intervention risks

USD/JPY struggles to capitalize on the overnight bounce from a one-week low, consolidating around 157.50 in the Asian session on Tuesday. Trump's concerns about the Japanese Yen's weakness fueled speculation about another US-Japan joint intervention. This, along with the hawkish BoJ, underpins the JPY and caps the currency pair. Meanwhile, rising Fed rate-hike bets and oil-driven inflation fears continue to push US bond yields to multi-year highs, keeping the US Dollar pinned near a two-month high and supporting the pair.

Gold regains some traction; focus remains on $4,100

Gold manages to gather some composure and bounces off recent lows near the key $4,100 mark per troy ounce on Tuesday. The move higher in the precious metal comes despite the firmer US Dollar and rising US Treasury yields across the board, while escalating geopolitical tensions appear to limit the downside potential.