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NZD/JPY Price Analysis: Bears intensify dominance, bulls must defend SMAs

  • The NZD/JPY pair trimmed daily gains and is trading at a loss in the American session.
  • On the hourly chart, the indicators are moving towards oversold territory.
  • On the daily chart, the indicators remain mostly flat.

In Monday's session, the NZD/JPY pair reversed course and gave up daily gains to fall towards 90.60. The latest moves show an intensification of selling activity, as the indicators slowly move towards oversold territory, while on the daily chart the selling traction flattens out a bit.

On the daily chart, the Relative Strength Index (RSI) fell into negative territory last week and currently sits around 40.65, mostly flat. This reveals lower momentum from sellers. This trend is exalted by the flat red Moving Average Convergence Divergence (MACD) bars, which suggest that negative momentum is consolidating.

NZD/JPY daily chart

On the hourly chart, the RSI fell into negative territory, while the MACD showed ascending red bars. However, as short-term indicators appear to be moving towards oversold territory, it could pave the way for a short-term rally to consolidate losses.

NZD/JPY hourly chart

In conclusion, while the indicators appear to have turned flat on the daily chart, the selling momentum intensified on the hourly chart, suggesting that the pair could suffer further for the remainder of the session. Looking at the general trend, there are not enough arguments to conclude a bearish outlook, as the pair is above the 100- and 200-day SMA. That said, sellers are in control in the short term.


Latest price today 90.6
Today Daily Change -0.08
Today's daily change -0.09
Today's daily opening 90.68
daily SMA20 91.77
50 daily SMA 91.05
SMA100 daily 90.32
SMA200 Journal 88.97
Previous daily high 90.95
Previous daily low 90.37
Previous weekly high 91.22
Previous weekly low 90.37
Previous Monthly High 93.45
Previous monthly low 89.26
Daily Fibonacci 38.2 90.59
Fibonacci 61.8% daily 90.73
Daily Pivot Point S1 90.38
Daily Pivot Point S2 90.08
Daily Pivot Point S3 89.8
Daily Pivot Point R1 90.97
Daily Pivot Point R2 91.25
Daily Pivot Point R3 91.55

Source: Fx Street

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