Dukascopy Bank Team
Dukascopy Bank SA
NZD/CAD 1H Chart: Broadening Falling Wedge
Comment: The pair has formed a broadening falling wedge pattern, when on 22nd of August the Kiwi failed to consolidate above the 0.92 level. If at the end of August and at the beginning of September the pair traded mostly around the lower boundary of the pattern then now we are seeing more fluctuation. Moreover, the 4H and daily technical studies are bearish, thus suggesting that the current down-trend is likely to continue. However, there is no clarity among the traders as 51.72% of them expect a bullish break-out, while 48.28% are holding short positions. Now, if the pair remains supported by monthly S2 at 0.8903 then an advance towards weekly S1 is expected.
NZD/USD 4H Chart: Broadening Falling Wedge
Comment: The pair failed to strengthen above the 0.85 mark on 14th of August and since then it has lost around 400 pips, meanwhile forming a broadening falling wedge pattern. At the moment, NZD/USD is trading around the lower trend-line, which is represented by monthly S1 at 0.8083. Additionally, that is indicating on a higher probability of a bearish break-out, as the pair has been challenging the trend-line. Moreover, all of the technical indicators are pointing to the downside; therefore, strengthening the bearish scenario. Nevertheless, 58.48% of the SWFX traders think that the pair is oversold. If the 0.81 level holds then a short-term rebound is possible.
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.
Recommended Content
Editors’ Picks
EUR/USD trades with negative bias, holds above 1.0700 as traders await US PCE Price Index
EUR/USD edges lower during the Asian session on Friday and moves away from a two-week high, around the 1.0740 area touched the previous day. Spot prices trade around the 1.0725-1.0720 region and remain at the mercy of the US Dollar price dynamics ahead of the crucial US data.
USD/JPY jumps above 156.00 on BoJ's steady policy
USD/JPY has come under intense buying pressure, surging past 156.00 after the Bank of Japan kept the key rate unchanged but tweaked its policy statement. The BoJ maintained its fiscal year 2024 and 2025 core inflation forecasts, disappointing the Japanese Yen buyers.
Gold price flatlines as traders look to US PCE Price Index for some meaningful impetus
Gold price lacks any firm intraday direction and is influenced by a combination of diverging forces. The weaker US GDP print and a rise in US inflation benefit the metal amid subdued USD demand. Hawkish Fed expectations cap the upside as traders await the release of the US PCE Price Index.
Sei Price Prediction: SEI is in the zone of interest after a 10% leap
Sei price has been in recovery mode for almost ten days now, following a fall of almost 65% beginning in mid-March. While the SEI bulls continue to show strength, the uptrend could prove premature as massive bearish sentiment hovers above the altcoin’s price.
US core PCE inflation set to signal firm price pressures as markets delay Federal Reserve rate cut bets
The core PCE Price Index, which excludes volatile food and energy prices, is seen as the more influential measure of inflation in terms of Fed positioning. The index is forecast to rise 0.3% on a monthly basis in March, matching February’s increase.