Dukascopy Bank Team
Dukascopy Bank SA
NZD/CAD 1H Chart: Channel Down
Comment: The bias towards NZD/CAD is negative, and we expect further depreciation of the New Zealand Dollar. Over the next few days the exchange rate is likely to come down to the support trend-line at 0.8310 and then start a bullish recovery. In the meantime, the upside should be limited by a combination of the weekly PP and 200-hour SMA at 0.8480. However, even if the price closes above this level, the outlook will remain bearish as long as the falling resistance line at 0.8520 is intact. Meanwhile, there is no consensus among the SWFX traders. Right now 49% of them are holding long positions and 51% are holding shorts.
EUR/TRY 1H Chart: Channel Down
Comment: EUR/TRY is likely to preserve its bearish momentum until the currency pair hits the May minimum at 2.8514. This scenario is supported by the technical indicators that are pointing downwards both in the four-hour and daily time-frames. The near-term target is 2.93. There the Euro is supposed to meet the lower edge of the channel and rebound. As for the nearby resistances, there is a low chance of a rally above the 200-hour SMA at 3.00. Still, there are additional supply areas around 3.0090, where we have the daily R2 together with the weekly PP, and around 3.02, where the resistance line merges with the daily R3. At the same time, almost 73% of open positions are short.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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