Dukascopy Bank Team
Dukascopy Bank SA
NZD/USD 4H Chart: Falling Wedge
Comment: Even though NZD/USD has slow downed its decline, the pair is still falling gradually. It has not managed to surpass the 0.80 mark and that has pushed the pair into a falling wedge pattern.
As mentioned the Kiwi Dollar is struggling to breach the 0.80 level and that has pushed the pair lower. Most likely the pair will not find the necessary bullishness to climb higher, thus the target is the lower trend-line near the 0.76 mark. The 4H and daily technical indicators are also bearish as they are indicating on the pair being overbought by sending ‘sell’ signals. At the same time the SWFX traders’ are neutral towards the pair, splitting the amount of opened bullish and bearish positions.
USD/CAD 4H Chart: Channel Up
Comment: USD/CAD continues to be bullish, as it has been since this year’s July. And that has led to a formation of yet another bullish pattern—channel up.
At the moment, the pair is trading around the monthly R2 and weekly R1 and it is still on a strong up-trend. Moreover, the majority of the 4H and weekly technical studies are still bullish, meaning that the current advance could be extended. An overwhelming majority of the SWFX market participants have opened a long positions on the pair, namely 73% of them. The USD/CAD cross is likely to test the weekly R2 that is located near the pattern’s resistance at 1.1719.
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
USD/JPY holds above 155.50 ahead of BoJ policy announcement
USD/JPY is trading tightly above 155.50, off multi-year highs ahead of the BoJ policy announcement. The Yen draws support from higher Japanese bond yields even as the Tokyo CPI inflation cooled more than expected.
AUD/USD extends gains toward 0.6550 after Australian PPI data
AUD/USD is extending gains toward 0.6550 in Asian trading on Friday. The pair capitalizes on an annual increase in Australian PPI data. Meanwhile, a softer US Dollar and improving market mood also underpin the Aussie ahead of the US PCE inflation data.
Gold price keeps its range around $2,330, awaits US PCE data
Gold price is consolidating Thursday's rebound early Friday. Gold price jumped after US GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the Fed could lower borrowing costs. Focus shifts to US PCE inflation on Friday.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
US economy: Slower growth with stronger inflation
The US Dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.