Patterns: EUR/NZD, AUD/NZD

Dukascopy Bank Team Dukascopy Bank SA

EUR/NZD 4H chart: Two scenarios likely

The Eurozone single currency has declined by 1.67% against the New Zealand Dollar since April 13. The currency pair breached the 50– and 200– period SMAs last week.

Currently, the exchange rate is trading near the lower boundary of an ascending channel pattern at 1.6740.

If the EUR/NZD pair breaks the channel pattern, a decline towards the 1.6500 level could be expected during the following trading sessions.

However, if the ascending channel pattern holds, bullish traders could pressure the currency exchange rate higher during this week's trading sessions.

AUD/NZD 4H chart: Reveals narrow channel

The Australian Dollar has declined by 82 pips or 0.76% against the New Zealand Dollar since April 8. The currency pair revealed a narrow descending channel pattern during this period.

All things being equal, the exchange rate is likely to continue to edge lower in the descending channel pattern during the following trading sessions. The potential target for bearish traders will be near the 1.0750 level.

However, a support line at 1.0787 could still provide support for the AUD/NZD currency exchange rate within this week's trading sessions.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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