NZD/JPY Price Analysis: Potential pullback, as the pair struggles to surpass 99.00

The NZD/JPY sees a slight rise, inching towards 98.80.
Bulls keep getting rejected by the 99.00 area.
Immediate supports are poised at 98.00 and 97.70, as likely areas for possible downward corrections.

Patricio Martín FXStreet

In the Tuesday trading session, the NZD/JPY pair exhibited a minor uptick, hovering near the 99.00 mark. However, it seems to have hit a ceiling at this level and is struggling to break past it.

In terms of the daily chart, the Relative Strength Index (RSI) is currently at 71, a mild increase from Monday's reading. While this increase indicates a slight surge in the bullish momentum, the continued stay of the RSI in the overbought zone may suggest that a pullback is possible. The Moving Average Convergence Divergence (MACD) reflects with decreasing green bars, which may support the perspective of overextended movements and a likely pullback.

NZD/JPY daily chart

In the event of a downward correction, immediate support is seen around the 98.00, 97.70 (20-day SMA) and 97.00 markers. Buyers need to focus on sustaining these levels before attempting to achieve new highs. If the 97.00 level successfully combats the bearish forces, buyers may seek to retest the 99.00 area, and potentially the 100.00 level.

Author

Patricio Martín

FXStreet

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

GBP/USD loses momentum, flirts with 1.3200

GBP/USD is struggling to maintain its positive bias on Thursday, retreating toward the 1.3200 region in response to the pick in the buying interest around the Greenback. That said, Cable remains under scrutiny as cautious market sentiment keeps investors focused on the US-Iran conflict and political effervescence in the UK.

EUR/USD trims gains, challenges 1.1400

EUR/USD now gives away part of its earlier advance, receding toward the 1.1400 contention zone on Thursday. Meanwhile, the pair’s recovery comes amid extra losses in the US Dollar, at the time when while investors continue to monitor developments in the Middle East and sentiment surrounding global technology stocks.

Gold remains bid and close to $4,100

Gold accelerates its recovery and approaches the key $4,000 mark per troy ounce at the end of the week, adding to Thursday’s advance. However, expectations for a hawkish Fed remain steady and keep the yellow metal’s potential upside contained.

Crypto Today: Bitcoin at $60,000, Ethereum at $1,500, and XRP at $1 face a make-or-break test

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are trading in the red on Friday after three consecutive days of losses, testing their respective make-or-break support levels.

Week ahead – NFP report to challenge Dollar strength and the hawkish Fed

Dollar strength dominates markets, as the hawkish Fed overshadows geopolitics and lower oil prices. NFP week could drive September Fed hike expectations and boost market volatility. The euro lacks fresh bullish catalysts, all eyes on the preliminary inflation report and the ECB Forum.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.