Published: 28 January 2026,06:33
Chart The Market
NZDJPY, H4:
The NZDJPY pair has undergone a pronounced trend reversal, erasing more than 2% over the past two sessions to negate its prior uptrend. The price action has now entered a consolidation phase at a critical technical juncture, representing a pivotal moment for near-term direction.
This period of equilibrium is essential; while the market may attempt a technical rebound from here, a decisive breakdown below the lower boundary of the current consolidation range would provide a strong bearish signal, confirming the sustainability of the newly established downtrend.
Momentum indicators align with the bearish shift in price structure. The Relative Strength Index remains anchored below its midline, while the Moving Average Convergence Divergence indicator has broken below its zero line. This confluence confirms that bearish momentum is currently dominant and likely to cap the extent of any near-term corrective bounce.
The pair has transitioned from a bullish to a bearish near-term bias following the sharp breakdown. The current consolidation represents a pause, and its resolution will dictate the next directional move. A break below support favors a continuation of the sell-off, while a hold and rebound above range resistance would be required to question the new downtrend’s integrity. The balance of evidence, given the momentum configuration, leans toward a downside resolution unless buyers can forcefully reclaim lost ground.
Resistance Levels: 92.76, 93.85
Support Levels:90.60, 89.60
Copper, D1
Copper prices maintain a bullish structural foundation, consolidating near all-time high territory after a period of sustained gains. The metal is holding firmly above the critical technical confluence at the 5.84 level, which aligns with its primary uptrend support line. This successful defense of a major support zone suggests the broader bullish trajectory remains valid, preserving the potential for a renewed advance to record highs.
However, momentum indicators present a conflicting narrative that introduces near-term caution. The Relative Strength Index continues to hold above its midline, reflecting residual bullish momentum. In contrast, the Moving Average Convergence Divergence indicator has generated a bearish death cross at elevated levels. This divergence signals that while the price structure is resilient, upward momentum may be waning, which often precedes a period of consolidation or correction.
The technical picture presents a tension between bullish structure and bearish momentum. The integrity of the uptrend is contingent upon copper maintaining support above the 5.84 level. A firm hold here, followed by a resolution higher, would negate the MACD’s warning and confirm a continuation of the bull trend. Conversely, a decisive break below 5.84 would validate the momentum deterioration and likely trigger a deeper corrective phase. Traders should monitor price action at this key support for the next directional signal, with the overall bias remaining cautiously bullish above it.
Resistance Levels: 6.3250, 6.2725
Support Levels: 5.8520, 5.2425
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