NZD/JPY clears daily gains as bullish momentum wanes

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  • NZD/JPY met resistance at a daily high of around 89.863 and then declined towards 89.245.
  • Indicators turned flat in positive territory on the daily chart.
  • The cross is still bullish in the long term as it trades above the 20, 100  and 200-day SMAs.

The NZD/JPY failed to hold its momentum, which took the cross to a multi-week high of around 89.865 and then closed at around 89.200.  

The technical analysis of the daily chart suggests a shift towards a neutral to a bearish outlook for NZD/USD, with indicators flashing signs of bullish exhaustion. The Relative Strength Index (RSI) maintains a flat slope above 50, while the Moving Average Convergence (MACD) presents lower green bars. On the four-hour chart, the bearish momentum is more evident, with the RSI and MACD plunging into the negative zone.

That said, the pair is above the 20,100,200-day Simple Moving Average (SMA), indicating a favourable position for the bulls in the bigger picture. In addition, the 100-day SMA seems to be converging towards the 20-day average to perform a bullish cross in the 88.150-88.300 area, which could reignite the momentum for the buyers in the short term.

 Support levels: 89.000, 88.700,88.500.

 Resistance levels: 89.500, 89.850, 90.000.

 NZD/USD Daily Chart

 

NZD/JPY

Overview
Today last price 89.26
Today Daily Change 0.06
Today Daily Change % 0.07
Today daily open 89.2
 
Trends
Daily SMA20 88.15
Daily SMA50 88.04
Daily SMA100 87.74
Daily SMA200 85.9
 
Levels
Previous Daily High 89.5
Previous Daily Low 89.18
Previous Weekly High 89.63
Previous Weekly Low 86.84
Previous Monthly High 89.93
Previous Monthly Low 86.78
Daily Fibonacci 38.2% 89.3
Daily Fibonacci 61.8% 89.38
Daily Pivot Point S1 89.09
Daily Pivot Point S2 88.97
Daily Pivot Point S3 88.76
Daily Pivot Point R1 89.41
Daily Pivot Point R2 89.62
Daily Pivot Point R3 89.73

 

 

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