Market NewsTechnical Analysis

NZD/JPY: Approaches the Swing High with Bullish Momentum

  • NZD/JPY has been heading towards the North on the H4 chart.
  • The SMA 30 has been working as a support.
  • The H1 chart looks good for the buyers.
  • Intraday minor charts have been bullish.
NZD/JPY H4 chart
NZD/JPY H4 chart

NZD/JPY- Technical Analysis- H4 chart

The chart shows that the price consolidated around the level of 89.270 earlier. To go with it, the simple moving average 30 worked as a support right there as well. The chart produced a bullish engulfing candle at its second bounce. Since then, it has been bullish and moving towards the North in a hurry. The chart shows that the price had a rejection earlier at 90.385. The level may make the move halt for a while. However, as things look on the pair, it seems that the price may end up making a breakout at 90.385 and find its next resistance around 90.850.

On the contrary, if the level of 89.270 works as a resistance and ends up producing a bearish reversal pattern, the sellers may wait for the price to breach the SMA 30’s support to look for short opportunities.

NZD/JPY H1 chart
NZD/JPY H1 chart

Price Action Analysis- H1 Chart

The chart shows that the price has been up trending by obeying a trend line. The price had a strong rejection at 90.400. Thus, traders are going to be watchful on the price action within the triangle. A bearish breakout at the trend line may attract the sellers to go short in the pair. The price may find its next support around 89.500.

On the contrary, a bullish breakout at the resistance may push the price towards the North further. In that case, it may find its resistance around 90.550.

Written by: Md Tareq Sikder, Senior Analyst Forex Prop News

Contact and follow Tareq on Twitter: @tareqfpn

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Newsletter

Subscribe to ForexPropNews Trading Newsletters

Receive the best-curated content by our editors for the week ahead.

Mini Charts

Related Articles

Profit-Taking and Tech Sector Weakness Drive Down Asia-Pacific Markets

Asia-Pacific markets declined on Friday, reflecting Wall Street’s tech stock sell-off. Japan’s...

Asia-Pacific Markets Plunge on Chip Stock Declines: Market Watch

Asia-Pacific markets plummeted on chip stock declines, reflecting global economic uncertainties and...

Forex Focus: Dollar Strength and Market Movements in Asia

U.S. retail sales in June held steady at $704.3B, buoyed by non-store...

Asian Markets React to Powell’s Dovish Remarks with Mixed Results

Asian markets reacted mixed after Powell's dovish comments, with Hong Kong's Hang...

Featured educational content

EXPLORE MORE

Featured educational content

New to Forex? Learn to Read Charts Like a Pro

Dive into forex trading basics: chart reading, candlesticks, technical indicators, timeframes, currency pairs. Start your journey to trading success today!

Video: How I Re-Programmed My Mind to be a Consistent Trader (Thanks to The Wolf of Wall Street)

How I Re-Programmed My Mind to be a Killer Trader (Thanks to The Wolf of Wall Street)

Video: This Invisible Trading Indicator Tells you What Day Trade (Not Just Price)

This Invisible Trading Indicator Tells you WHEN to Trade (Not Just Where)

Technical Analysis: Chart Patterns and Indicators for Profitable Investments

Navigate stocks with confidence using chart patterns like Head and Shoulders, indicators such as MACD, and tools like trendlines. Master technical analysis for...

Latest News

Profit-Taking and Tech Sector Weakness Drive Down Asia-Pacific Markets
Market News

Profit-Taking and Tech Sector Weakness Drive Down Asia-Pacific Markets

Asia-Pacific markets declined on Friday, reflecting Wall Street’s tech stock sell-off. Japan’s inflation remained steady, and chip stocks showed resilience.

Asia-Pacific Markets Plunge on Chip Stock Declines: Market Watch
Market News

Asia-Pacific Markets Plunge on Chip Stock Declines: Market Watch

Asia-Pacific markets plummeted on chip stock declines, reflecting global economic uncertainties and geopolitical tensions, impacting regional indices sharply.

Copyright © 2023 Forex Prop News. All Rights Reserved.