The forex market continues to exhibit shifting dynamics, with some currency pairs facing pullbacks while others sustain their momentum. This week, AUDNZD signals a potential retracement, while EURNZD and NZDCHF maintain bullish intentions. Meanwhile, EURGBP sellers struggle to maintain dominance, and AUDCAD remains vulnerable to further declines.
AUDNZD
Major Bias: Bearish AUDNZD is taking a pause after crossing above the 1.11080 significant level. Bulls have controlled the market for most of the month, gaining strength from the 1.10120 zone. However, sellers are beginning to apply pressure, which could slow down the bullish momentum. The Momentum indicator shows signs of weakening, and the Stochastic Oscillator is in the overbought zone, indicating a possible retracement before another bullish push.
EURNZD
Major Bias: Bullish EURNZD buyers have temporarily halted their upward push, anticipating a breakout beyond the 1.85310 market level. The pair remains in consolidation, positioning itself for its next bullish move. The Stochastic Oscillator suggests the market is building momentum for expansion, while the Momentum indicator has yet to confirm a strong breakout. If buyers regain control, a push beyond 1.85310 could pave the way for further bullish action.
NZDCHF
Major Bias: Bullish NZDCHF is gaining strength to continue its upward movement. Bulls have been pushing toward the 0.51860 significant level, with the Bollinger Bands indicating a steady rally. Although price movement has been relatively quiet, traders are closely watching for potential expansion. If bullish pressure increases, NZDCHF could extend higher in the coming sessions.
EURGBP
Major Bias: Bearish EURGBP sellers are struggling to maintain control as the pair hovers above the 0.83280 significant level. While the Bollinger Bands indicate high volatility, sellers may find it challenging to push prices lower at this moment. The Stochastic Oscillator remains in the sell zone. Unless selling pressure intensifies, EURGBP could experience a temporary pullback before continuing its bearish trajectory.
AUDCAD
Major Bias: Bearish AUDCAD remains under selling pressure, with the market hovering around the 0.89660 level. Buyers have attempted to stage a reversal, but sellers have been quick to counteract any bullish moves. The Stochastic Oscillator suggests buyers are still trying to regain momentum, but overall bearish sentiment prevails. If sellers strengthen their position, prices may slip further toward the 0.88520 key level.
Traders relying on crypto signals and technical indicators will be monitoring these key levels closely to identify potential opportunities in the market.
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset, product, or event. We are not responsible for your investment results.
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