- The bulls failed to maintain their momentum and gave up daily gains.
- The daily RSI remains in the negative zone, underlining the current bearish momentum.
- On the hourly chart, the indicators maintain the short-term bearish bias.
In the Thursday session, the NZD/JPY pair is trading with slight losses and currently stands at 90.79 after reaching a high of 91.21. Sales dominate the market landscape in the short term and buyers fail to gain additional momentum.
According to the daily chart indicators, the Relative Strength Index (RSI) is currently in negative territory, indicating bearish momentum. The RSI has registered a slight decline from the previous day's level, representing a slight increase in bearish sentiment. Meanwhile, the moving average convergence divergence (MACD) histogram shows flat red bars, suggesting that the bears have gone nowhere, while the bulls remain on the sidelines….
NZD/JPY daily chart
Moving to the hourly chart, the RSI pair is also trading within the negative territory, signaling the prevalence of short-term sellers in the market. The MACD histogram also features flat red bars, sustaining the bearish momentum on a shorter time frame.
NZD/JPY hourly chart
Even though the pair is below the 20-day SMA, it remains above its 100-day and 200-day SMA, suggesting that the overall trend remains bullish. However, bearish indications on both the daily and hourly charts suggest possible pullbacks before a continuation of the uptrend.
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.
