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.

AUDNZD

 

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.

EURNZD

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.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD loses 1.1800 amid escalaing US-Sino tensions

EUR/USD dips sub-18 after the US reported an increase of 1.763 million jobs in July, better than estimated but pointing to a deceleration. Escalating Sino-American tensions are boosting the dollar and fiscal talks are eyed. 

EUR/USD News

GBP/USD resumes decline, weighed by UK concerns, US-China conflict

GBP/USD trades at fresh weekly lows below 1.3050 as the dollar got a sudden boost from mounting tensions between the world's two largest economies. UK Chancellor Rishi Sunak said the furlough scheme that is underpinning the economy cannot last forever.

GBP/USD News

Gold: Meteoric rally falters, closes the week below $2050

Dollar comeback poured cold water on gold’s record-breaking rally. US-China woes, US stimulus deadlock and upbeat NFP boosted the USD. The focus stays on US-China trade talks amid light US docket next week.

Gold News

Bitcoin may extend the recovery once Gold resumes the rally

Gold retreated from the recent highs, but the sentiments are still bullish. Cryptocurrencies resumed the upside, some altcoins are demonstrating strong gains. ETH/BTC stopped the downside correction and settled at $0.03300.

Read more

WTI extends slide toward $41, on track to post weekly gains

Crude oil prices continued to fall on Friday and the barrel of West Texas Intermediate (WTI) touched a daily low of $41.05 before recovering modestly.

Oil News

Forex Majors

Cryptocurrencies

Signatures