NZD/CAD 4H Chart: Buying signals

The New Zealand Dollar has surged by 3.41% against the Canadian Dollar since the beginning of November. The currency pair breached the 0.9060 during yesterday's trading session.

All things being equal, the exchange rate is likely to continue to edge higher during the following sessions. The potential target for the NZD/CAD pair would be near the 0.9200 level.

However, the weekly resistance level at 0.9068 could provide resistance for the currency exchange rate in the shorter term.


NZD/JPY 4H Chart: Breakout likely to occur

The New Zealand Dollar has edged higher by 5.30% against the Japanese Yen since the beginning of November. The currency pair tested the upper boundary of an ascending channel pattern at 72.72 during last week's trading sessions.

Currently, the exchange rate is trading near the bottom border of the channel pattern and could be set for a breakout.

If the breakout occurs, a decline towards the 200– period simple moving average at 70.37 could be expected during the following trading sessions.

However, if the ascending channel holds, bullish traders could continue to dominate the currency exchange rate in the nearest future.


AUD/SGD 4H Chart: Rising wedge pattern in sight

Since the beginning of October, the AUD/SGD currency pair has been trading upwards within a rising wedge pattern.

From a theoretical point of view, it is likely that the exchange rate could continue to trade upwards within the given pattern within the following trading sessions. Then, a breakout south could occur, and the rate could target the 0.9550 level.

In the meantime, note that the currency pair could gain support from the 100– and 200-period moving averages in the 0.9725 range. Thus, some upside potential could prevail in the market, and the pair could target the 1.0050 mark.


EUR/SGD 4H Chart: Two scenarios likely

The EUR/SGD exchange rate has revealed a long-term descending channel.

From a theoretical perspective, it is likely that the currency pair could continue to decline within the predetermined channel in the medium term. The pair could target the Fibo 50.00% at 1.5678.

Meanwhile, the exchange rate could gain support from the Fibo 61.80% at 1.5861. Therefore, the rate could breach the predetermined channel north and target the psychological level at 1.6300.


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.

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