The NZD/JPY pair has been experiencing a downtrend recently, with a weekly loss of 1.50%. Despite a slight rebound in Thursday’s session, technical indicators still suggest a negative outlook for the currency pair. The Relative Strength Index (RSI) is currently at 33, showing a northward momentum but still within the negative zone. The Moving Average Convergence Divergence (MACD) is printing flat red bars, indicating sustained selling pressure that has now halted.
Immediate support levels for the NZD/JPY pair are seen at 94.50 and the crucial level at 94.00. A break below these levels could confirm the bearish dominance in the short term. On the other hand, resistances are now positioned at 95.50 and 96.00, which were previously support levels. This suggests that the pair may face resistance in its upward movements.
Despite the recent rebound in the NZD/JPY pair, the overall trend remains bearish. The weekly loss of 1.50% indicates that the pair is struggling to find upward momentum. Technical indicators such as the RSI and MACD continue to show a negative outlook, with the RSI still in the negative zone despite the recent increase. This suggests that the pair may continue to face selling pressure in the near future.
Traders and investors will be closely watching the support and resistance levels for the NZD/JPY pair in the coming sessions. A break below the immediate support levels could confirm the bearish trend, while a break above the resistance levels could signal a potential reversal. It is essential to keep an eye on these key levels to determine the direction of the pair in the short term.
In conclusion, despite a slight rebound in Thursday’s session, the NZD/JPY pair continues to face bearish pressure. Technical indicators support this negative outlook, with the RSI and MACD showing signs of continued selling pressure. Traders should be cautious and monitor key support and resistance levels to gauge the future direction of the pair.
