Dukascopy Bank Team
Dukascopy Bank SA
NZD/USD 4H Chart: Channel Up
Comment: The upward correction of NZD/USD in the bearish market took the form of a bullish channel. Looking at the four-hour and daily technical indicators, there is still some momentum left. The pair may well find support near 0.75 and attempt to recover to 0.77.
However, the risks in the longer term are heavily skewed to the downside, as evidenced by the studies on the weekly time-frame and a 18.45% drop in NZD/USD between July and January. Meanwhile, the SWFX market participants appear to be undecided with respect to the New Zealand Dollar, being that the amounts of long and short positions are currently equal.
EUR/NZD 4H Chart: Channel Down
Comment: As EUR/NZD failed to rally beyond 1.5830 during the first days of February, the currency pair is now headed toward this year’s lowest point just beneath 1.48. After a contact with this support the bulls will be expected to push the price back, but the retracement is unlikely to extend further than 1.50, where the multi-week down-trend coincides with the monthly S1 level, creating a potential ceiling. There the Euro will be in a good position to slide under 1.48.
The overall negative bias is also implied by the technical indicators on all three relevant time-frames. On the other hand, the difference between the bulls (46%) and bears (54%) is insignificant.
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 pops and drops on BoJ's expected hold
USD/JPY reverses a knee-jerk spike to 142.80 and returns to the red below 142.50 after the Bank of Japan announced on Friday that it maintained the short-term rate target in the range of 0.15%-0.25%. The decision aligned with the market expectations. Governor Ueda's presser eyed.
AUD/USD bears attack 0.6800 amid PBOC's status-quo, cautious mood
AUD/USD attacks 0.6800 in Friday's Asian trading, extending its gradual retreat after the PBOC unexpectedly left mortgage lending rates unchanged in September. A cautious market mood also adds to the weight on the Aussie. Fedspeak eyed.
Gold consolidates near record high, bullish potential seems intact
Gold price regained positive traction on Thursday and rallied back closer to the all-time peak touched the previous day in reaction to the Federal Reserve's decision to start the policy easing cycle with an oversized rate cut.
Ethereum rallies over 6% following decision to split Pectra upgrade into two phases
In its Consensus Layer Call on Thursday, Ethereum developers decided to split the upcoming Pectra upgrade into two batches. The decision follows concerns about potential risks in shipping the previously approved series of Ethereum improvement proposals.
Bank of Japan set to keep rates on hold after July’s hike shocked markets
The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.