Patterns: NZD/CAD, NZD/JPY, EUR/PLN, EUR/TRY
|NZD/CAD 4H chart: Could make brief pullback
The New Zealand Dollar has surged by 2.25% against the Canadian Dollar since last week's trading sessions. The NZD/CAD currency pair breached the 0.9300 level this week.
All things being equal, the exchange rate could continue to edge lower during the following trading sessions. The potential target for bearish traders would be near the 0.9124 area.
However, the 50–" period simple moving average at 0.9207 could provide support for the currency exchange rate in the shorter term.
NZD/JPY 4H chart: Bulls could prevail
The New Zealand Dollar has surged by 4.93% against the Japanese Yen since February 8. The NZD/JPY currency pair breached the 79.00 level during this week's trading sessions.
Everything being equal, the exchange rate is likely to continue to trend bullish during the following trading sessions. A breakout through the upper line of an ascending channel pattern could occur.
However, the currency exchange rate is likely to make a brief pullback towards the weekly pivot point at 76.56 during next week's trading sessions.
EUR/PLN 4H chart: Falling wedge pattern in sight
Since the beginning of January, the EUR/PLN currency pair has been trading within a falling wedge pattern. From a theoretical point of view, it is likely that the exchange rate could continue to decline within the predetermined pattern in the medium term. The rate could breach the given pattern north by the beginning of April. Meanwhile, note that the currency pair is supported by the 55-, 100–" and 200-period moving averages in the 4.4960/4.5140 area. Thus, a breakout north could occur in the nearest future. The pair could target the psychological level at 4.6200.
EUR/TRY 4H chart: Two scenarios likely
Since November, the EUR/TRY exchange rate has been trading within a falling wedge pattern.
From a theoretical perspective, it is likely that the currency pair could continue to depreciate within the predetermined pattern until the beginning of April. Then, the pair could breach it north and target the 10.20 level.
In the meantime, note that the exchange rate is supported by the 55-, 100–" and 200-period moving averages in the 8.5760/8.7580 area. Thus, a breakout north could occur sooner.
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