EUR/NZD 1H Chart: Ascending Triangle

Dukascopy Bank Team Dukascopy Bank SA

EUR/AUD 1H Chart: Symmetrical Triangle

Comment: EUR/AUD put an end to the consolidation of the month-long consolidation with an exit from the symmetrical triangle, extending the weakness with a hit from the Australian CPI data tonight. The downfall could come immediately or move by the three-week trend-line, which the pair has been sticking to. SMAs will facilitate the movement, weighing the rate towards 1.4087 with more prominent risk stemming from 1.3988 and 1.3693 being the ultimate target. A short-term surge would be capped by 1.4227, the downtrend/ upper boundary of the broken triangle. We would then look for a slip towards the same support targets. With SWFX trader sentiment in almost equilibrium, it could go either way.

EUR/NZD 1H Chart: Ascending Triangle

Comment: A set of patterns sending mixed signals on the future direction of EUR/NZD suggests that it could go either way in the short term, while we lean heavily in favour of a bearish market in the long term. On its way to the bottom trend-line of the channel down, EUR/NZD sketched two overlapped patterns – a symmetrical triangle and an ascending one, meaning that the pair could either go on to tap the senior trend-line around 1.5058 or fall short of a completion of the motion with an immediate surge towards the upper channel line at 1.5714. We are then looking for some trouble at 1.5212 where the two-week downtrend will have to be broken.

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Dukascopy Bank Team

Dukascopy Bank SA

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