Created
: 2024.04.26
2024.04.26 05:04
The NZD/JPY pair has shown a bullish performance, upheld by strong buying momentum over past trading sessions. Although it stands at 92.55, a high since February, signs of a potential market shift are emerging as indicators are near overbought territory.
Based on the daily chart, the Relative Strength Index (RSI) indicates increasing bullish momentum, having moved from a negative territory into positive conditions during the previous session and it resides near the 70 threshold. Concurrently, the Moving Average Convergence Divergence (MACD) shows rising green bars, indicating a developing positive momentum. Nonetheless, the RSI nearing overbought conditions provides a warning about the potential for market correction.
On the hourly chart, the RSI moved steadily upwards from a negative to a positive trend. However, recent RSI levels are slightly lower as they seem to be correcting overbought conditions noted earlier in the session.
In a broader context, the placement of the NZD/JPY relative to its Simple Moving Average (SMA), the cross pair is trading above its 20, 100, and 200-day SMA, suggestive of an upward trajectory. This positioning supports both short-term buy opportunities and a favorable long-term outlook, affirming a sustained long-term bullishness for the NZD/JPY.
Created
: 2024.04.26
Last updated
: 2024.04.26
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy