Cross holds bearish tone ahead of Asian session

By: bitcoin ethereum news|2025/05/16 09:00:12
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NZD/JPY trades near the 85.50 zone, reflecting a bearish tone with minor losses. Momentum is mixed, with short-term buy signals clashing with broader selling pressure. Key support rests around 85.50, with resistance near 85.60 and 86.10. The NZD/JPY cross is trading near the 85.50 zone on Thursday, down approximately 1% as it sits mid-range within its recent fluctuation ahead of the Asian session. Despite the broader bearish tone, conflicting technical signals suggest the cross may face further volatility in the near term, with mixed momentum indicators adding to the uncertain outlook. From a technical perspective, the Relative Strength Index (RSI) hovers in the 50s, reflecting neutral momentum as recent gains and losses balance each other out. Meanwhile, the Moving Average Convergence Divergence (MACD) signals ongoing buy momentum, providing a short-term counter to the broader bearish sentiment. However, the Ultimate Oscillator (7, 14, 28) remains in the 40s, while the Stochastic %K (14, 3, 3) trades in the 60s, both reinforcing a more neutral tone. Momentum (10) stands out as a more direct bearish signal, aligning with the overall negative trend. This is further supported by the 100-day and 200-day Simple Moving Averages (SMAs), which indicate ongoing selling pressure, despite the 20-day SMA suggesting a potential short-term recovery. Additionally, the 10-day Exponential Moving Average (EMA) and 10-day SMA, both in the 80s, also align with the sell side, reinforcing the cautious outlook for the cross. Immediate support is identified around 85.57, followed by deeper levels at 85.49 and 85.42. On the upside, resistance is expected near 85.63, with stronger barriers at 85.69 and 86.09, potentially capping gains in the near term. Daily Chart Source: https://www.fxstreet.com/news/nzd-jpy-price-analysis-cross-holds-bearish-tone-ahead-of-asian-session-202505152105

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