USD/TRY 4H Chart: Channel Up
Comment: During the last four weeks USD/TRY has been trading in a pronounced up-trend, and the currency pair seems capable of extending the gains even further. In the very near future the US Dollar may well fall down to 2.42 in order to complete its downward correction; however, the overall outlook is nonetheless bullish. An assumption that the risks are skewed to the upside is also confirmed by the technical indicators, especially on the four-hour and daily charts, where five out of eight studies give ‘buy’ signals. Once USD/TRY confirms the support trend-line, the exchange rate is expected to target the upper trend-line at 2.50.
EUR/NZD 4H Chart: Channel Up
Comment: Though the Euro tends to heavily underperform the New Zealand Dollar, as the currency lost almost 9% between Dec 10 and Jan 16, there is hope for the bulls in the form of the positively-sloped channel. If a cluster of supports around 1.54 (up-trend, monthly PP and long-term SMA) stays intact, there will be a high chance of the pair continuing the recovery from 1.48. The first objective in the bullish case will be the Feb 3 high at 1.5829, followed by the resistance at 1.5911, where the rising trend-line merges with the monthly R1 level. On the other hand, should the demand at 1.54 fail to underpin EUR/NZD, the Euro will likely slide back to the Jan 16 low.
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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