- NZD/JPY rose almost 0.10% towards the 89.245 area
- The cross continues with lateral operations, slightly inclined downwards.
- The bulls appear to be taking a pause after last week’s 3% gains.
He NZD/JPY will close a week with losses of 0.30% around the 89.245 area, as investors are taking profits from the strong gains at the beginning of the month.
Looking at the daily chart, NZD/JPY is showing signs of bullish exhaustion after the cross gained over 3% in early November. The Relative Strength Index (RSI) has turned flat above its midline, while the Moving Average Convergence (MACD) prints neutral green bars. On the four-hour chart, the indicators have also flattened but are also tilting slightly higher, suggesting that buyers are consolidating gains.
Furthermore, the cross sits above the 20,100,200-day SMA, suggesting that the outlook also favors the bulls on longer timeframes. Furthermore, there could be bullish confirmation as the 100-day SMA is converging towards the 20-day moving average to make a bullish crossover, which could reignite short-term buyers’ momentum.
Support levels: 89,000, 88,700, 88,500.
Resistance levels: 89.5000, 89.850, 90,000.
NZD/JPY Daily Chart
|Latest price today||89.25|
|Today Daily Change||-0.03|
|Today’s daily variation||-0.03|
|Today’s daily opening||89.28|
|Previous daily high||89.86|
|Previous daily low||89.13|
|Previous weekly high||89.63|
|Previous weekly low||86.84|
|Previous Monthly High||89.93|
|Previous monthly low||86.78|
|Daily Fibonacci 38.2||89.58|
|Fibonacci 61.8% daily||89.41|
|Daily Pivot Point S1||88.99|
|Daily Pivot Point S2||88.69|
|Daily Pivot Point S3||88.25|
|Daily Pivot Point R1||89.72|
|Daily Pivot Point R2||90.16|
|Daily Pivot Point R3||90.46|
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.