Patterns: EUR/NZD, AUD/NZD
|EUR/NZD 4H Chart: Bullish momentum
Bearish momentum has guided the Eurozone single currency against the New Zealand Dollar since the end of August. The currency pair reached a one-month low level at 1.7000 During last week's trading sessions.
The exchange rate bounced off the lower boundary of a dominant ascending channel pattern during Friday's trading session. As a result, the pair made about 338 pips gains.
As for the near future, the EUR/NZD currency pair will most likely continue its upside movement. The penitential target for bullish traders would be near a swing high at 1.7550.
However, the currency exchange rate might maintain a junior descending channel during this week trading sessions.
AUD/NZD 4H Chart: Buy signals
The AUD/NZD currency pair has been tended north since the beginning of August when it reversed from the lower boundary of an ascending channel pattern at 1.0318 on August 5.
The overall direction for the exchange rate is expected to remain north within the scope of this week's trading sessions. Two important levels to watch is the weekly and the monthly R1 at 1.0823 and the upper boundary of the ascending channel pattern at 1.0902.
On the other hand, the surge might not occur immediately, as some downside pressure are likely to push the currency exchange rate towards the lower boundary of the channel pattern at 1.0700.
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