NZD/CAD 4H Chart: Bounces off support
The New Zealand Dollar has been edging lower in an ascending channel pattern against the Canadian Dollar. The currency pair has declined by 1.94% in value since December 31.
The exchange rate bounced off the lower boundary of the ascending channel pattern at 0.8617 during yesterday's trading session.
All things being equal, the NZD/USD pair will likely make an upside movement during the following trading sessions. The short-term target will be at 0.8740.
Although, a resistance cluster formed by the 100– hour SMA, the weekly R1 and the monthly PP at 0.8691 could provide resistance for the currency exchange rate in the nearest future.
NZD/JPY 4H Chart: Buy signals
The New Zealand Dollar has been edging higher against the Japanese Yen since November 15. The currency pair has surged by 2.35% in value since last week's trading sessions.
As for the near future, the exchange rate could continue to surge in an ascending channel pattern. The potential target for the NZD/JPY pair will be at the upper boundary of the channel pattern at 74.33.
Furthermore, technical indicators suggest that the currency exchange rate will most likely continue to edge higher during the following 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
AUD/USD holds above 0.6500 in thin trading
The Australian Dollar managed to recover ground against its American rival after AUD/USD fell to 0.6484. The upbeat tone of Wall Street underpinned the Aussie despite broad US Dollar strength and tepid Australian data.
EUR/USD comfortable below 1.0800 lower lows at sight
The EUR/USD pair lost ground on Thursday and settled near a fresh March low of 1.0774. Strong US data and hawkish Fed speakers comments lead the way ahead of the release of the US PCE Price Index on Friday.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays near 4.2% after upbeat US data and makes it difficult for XAU/USD to gather further bullish momentum.
Google starts indexing Bitcoin addresses
Bitcoin address data is live on Google search results after users realized on Thursday that the tech giant started indexing Bitcoin blockchain data. However, mixed reactions have followed the tech giant's reversed stance on the cryptocurrency.
A Hollywood ending for fourth quarter GDP
The latest revisions put Q4 GDP at 3.4%, the second fastest quarterly growth rate in two years. Much of the upside was attributable to stronger consumer spending, yet fresh profits data affirmed it was a good quarter for the bottom line as well with profits up by the most since the Q2-2022.