Dukascopy Bank Team
Dukascopy Bank SA
EUR/SEK 1H Chart: Channel Down
Comment: EUR/SEK is currently trading in a down-trend, and the bearish momentum is likely to persist at least until we get to the Apr 1 low at 9.2530. However, in the very near term the Euro has a good chance of gaining some ground, being that the currency pair has nearly reached the lower boundary of the channel. These gains should be limited by the resistance trend-line and the 200-hour SMA (presently at 9.35), and intactness of this supply area safeguards the bearish outlook. If it is broken, the bulls will be in a position to push the price up to the Apr 2 high at 9.40. Meanwhile, the SWFX traders’ sentiment is strongly bearish—73% of open positions are short.
NZD/USD 1H Chart: Channel Up
Comment: Having found strong support at 0.7420 on Apr 13, the New Zealand Dollar has been strengthening relative to its US counterpart lately. However, right now NZD/USD is undergoing a bearish correction. This short-term sell-off is expected to end near 0.7568, and a new attack on the Apr 3 high at 0.7630 should follow soon. Once this mark is overcome, the next serious obstacle will be represented by the Mar high at 0.77. On the other hand, if demand at 0.7568 proves to be weak, the pair will have a chance of rebounding from 0.7547, while a deeper decline will most likely extend down to 0.7422, namely to the Apr 13 low together with the weekly S2.
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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