The daily chart of the NZD/JPY shows a period of consolidation following last week’s sharp losses.
Red bars seen consistently on the daily MACD further depict a steady selling momentum.
RSI values on the hourly chart signal short-term buyer domination.
In Wednesday’s session, the NZD/JPY showed some gains. Bears seem to be consolidating last week’s losses but for the short term, the outlook is turning negative. The overall trend, however, remains bullish.
On the daily chart, the Relative Strength Index (RSI) displays a positive slope in negative territory. It quickly corrected overbought conditions reached last week and fell below 50. This indicates a shift in momentum with sellers gaining ground. The consistently flat red bars on the Moving Average Convergence Divergence (MACD) histogram further show a decline in positive momentum, reinforcing the selling pressure taking place
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