Dukascopy Bank Team
Dukascopy Bank SA
AUD/NZD 1H Chart: Short-term advance expected
The AUD/NZD exchange rate has been trading upwards since the beginning of August when it reversed north from the psychological level at 1.0350. As apparent on the chart, the rate has already tested the 1.0700 level.
Note that the currency pair is supported by the 55-, 100– and 200-hour moving averages, currently located in the 1.0621/1.06664 range. Thus, it is likely that some upside potential could prevail in the market. In this case, the pair could reach the upper boundary of the long-term descending channel in the 1.0750/1.090 range.
However, note that the rate has to surpass the resistance level formed by the weekly R1 at 1.0742. If the given level holds, a reversal south could occur.
AUD/SGD 1H Chart: Bears likely to prevail
The AUD/SGD exchange rate has been trading sideways in the 0.9340/0.9420 area since the beginning of August. Currently, the rate is trading at the monthly R3 at 0.9348.
Given that the exchange rate is pressured by the 55-, 100– and 200-hour moving averages, currently located in the 0.9344/0.9368 range, it is likely that bears could prevail in the market. A possible downside target is the lower boundary of the long-term descending channel located in the 0.9200/0.9400 range.
It is unlikely that bulls could prevail in the market, and the Australian Dollar could exceed the 0.9500/0.9550 range against the Singapore Dollar due to the resistance of the upper channel line.
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
EUR/USD regains traction, recovers above 1.0700
EUR/USD regained its traction and turned positive on the day above 1.0700 in the American session. The US Dollar struggles to preserve its strength after the data from the US showed that the economy grew at a softer pace than expected in Q1.
GBP/USD returns to 1.2500 area in volatile session
GBP/USD reversed its direction and recovered to 1.2500 after falling to the 1.2450 area earlier in the day. Although markets remain risk-averse, the US Dollar struggles to find demand following the disappointing GDP data.
Gold climbs above $2,340 following earlier drop
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
After the US close, it’s the Tokyo CPI
After the US close, it’s the Tokyo CPI, a reliable indicator of the national number and then the BoJ policy announcement. Tokyo CPI ex food and energy in Japan was a rise to 2.90% in March from 2.50%.