Dukascopy Bank Team
Dukascopy Bank SA
AUD/NZD 4H Chart: Likely to maintain channel
The Australian Dollar has declined by 2.22% against the New Zealand Dollar since June 2. The currency pair is currently trading in a narrow descending channel pattern.
All things being equal, the AUD/NZD exchange rate could continue to trade in the descending channel pattern. Bearish traders will most likely target the psychological level at the 1.0500 area within this week's trading sessions.
However, the support cluster formed by the weekly S1 and the monthly S1 at 1.0568 could provide support for the currency exchange rate in the short-term.
EUR/NZD 4H: Selling bias
The common European currency has declined by 4.02% against the New Zealand Dollar since June 1. The currency pair was pressured lower by the 200– period simple moving average.
As for the near future, the EUR/NZD exchange rate could continue to decline during the following trading sessions. The potential target for bearish traders would be at the 1.7000 level.
However, a support cluster formed by the weekly S1 and the monthly S1 at 1.7077 could provide support for the currency exchange rate within this week's trading sessions.
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
GBP/USD clings to recovery gains above 1.3200, as BoE looms
GBP/USD sustains the recovery above 1.3200 in early Europe on Thursday, having found buyers near 1.3150. A fresh US Dollar pullback and a rebound in risk sentiment offer support to the pair ahead of the BoE policy announcements.
EUR/USD holds higher ground above 1.1100, focus shifts to ECB-speak
EUR/USD is holding higher ground above 1.1100 in the early European session on Thursday. The pair is underpinned by the renewed US Dollar retreat, as traders digest the Fed's dovish outlook, bracing for ECB-speak for fresh trading incentives. US data are also eyed.
Gold price jumps back closer to all-time peak, $2,600 remains in sight amid fresh USD weakness
Gold price regains positive traction following the previous day's pullback from the all-time peak and builds on its steady intraday ascent heading into the European session on Thursday.
BoE expected to keep interest rate unchanged at 5% as price pressures persist
After a close call in August, the Bank of England’s September interest rate decision is keenly awaited for fresh cues on the bank’s future policy action and the pace of its bond sales.
Bitcoin surges to $62,000 mark after 50 bps Fed rate cut
Bitcoin and Ripple eye for a rally as they break and find support around their resistance barrier. Meanwhile, Ethereum demonstrates signs of recovery as it approaches a critical resistance level, indicating that an upward rally could be on the horizon if it successfully breaks through.
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.