Thursday’s session witnessed the NZD/JPY pair rebounding, counterbalancing part of the bearish momentum.
Despite the small rise, the cross still registers a weekly loss of 1.50%.
Though corrective actions take place, technical indicators still depict a negative outlook.
In Thursday’s session, the NZD/JPY pair managed to record a slight upsurge and landed at 95.15. Despite this rebounding action, the pair accumulated approximately 1.50% losses over the week, indicating a persistently negative outlook.
Day-to-day technical indicators extend the domination of the bears, despite the recent rebound. The Relative Strength Index (RSI), currently positioned at 33, indicates a northward momentum, an uplift from Wednesday’s value of 28. However, it’s still well within negative zone but has now scaped the oversold threshold. The Moving Average Convergence Divergence (MACD) continues to print flat red bars, demonstrating sustained but now halted selling pressure.
NZD/JPY daily chart
Reflective of the prevailing bearish tone, immediate support levels are now spotted lower at 94.50 and the crucial level at 94.00. A descent below these levels could confirm the bearish dominance over the short term. Resistances, on the other hand, are now at the previous support levels of 95.50, and 96.00.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : FXStreet – https://www.fxstreet.com/news/nzd-jpy-price-analysis-pair-rebounds-as-sellers-take-a-breather-202407181945
Author : earthnews
Publish date : 2024-07-18 21:49:55
Copyright for syndicated content belongs to the linked Source.