As the forex market progresses deeper into January, momentum across major forex pairs is becoming more defined. Commodity currencies continue to dominate price action, with the Australian Dollar maintaining strength across multiple crosses. At the same time, several Euro and Kiwi pairs remain under pressure, reflecting ongoing structural weakness.
AUDNZD
Market Bias: Bullish
AUDNZD continues to trade within a well established bullish structure, closing the previous session around 1.15930 and steadily advancing toward the 1.16363 resistance zone. Price action remains supported above former breakout levels, reinforcing buyer control. The Chande Momentum Oscillator has started to recover from negative readings, signaling improving upside pressure. On the MACD, bullish divergence is forming as downside momentum weakens, suggesting the trend still has room to extend.
EURNZD
Market Bias: Bearish
EURNZD has shifted decisively into a bearish phase after losing its prior bullish structure. The pair is now trading near 1.98780, consolidating below the 2.00170 resistance that previously acted as support.
Momentum readings strongly favor sellers. The Chande Momentum Oscillator remains deeply negative, confirming persistent downside pressure. MACD readings show accelerating bearish momentum, with the histogram expanding to the downside and no clear signs of stabilization yet.
AUDCAD
Market Bias: Bullish
AUDCAD continues to display strong bullish intent after breaking above the 0.94248 resistance zone. The pair is currently trading around 0.94410, signaling a continuation of its upward trend.
Momentum remains firmly in favor of buyers. The Chande Momentum Oscillator is elevated, reflecting sustained buying strength, while MACD structure confirms a healthy bullish trend with expanding positive momentum.
NZDCHF
Market Bias: Bearish
NZDCHF remains locked in a broader downtrend, with price hovering near the 0.46500 region and pressing toward the 0.46025 support zone. Despite occasional pauses, the overall structure continues to favor sellers.
Momentum readings are mixed but do not invalidate the bearish bias. The Chande Momentum Oscillator sits in a neutral to slightly positive zone, indicating short term hesitation rather than a trend shift. MACD shows mild bullish divergence, though this appears corrective within a dominant bearish structure.
EURGBP
Market Bias: Bearish
EURGBP continues to trade under sustained selling pressure, with price currently hovering near 0.86712 and remaining capped below the 0.87260 resistance level. The pair has failed to attract meaningful buying interest, keeping downside risks elevated.
Momentum indicators reflect ongoing weakness. The Chande Momentum Oscillator remains subdued, while the MACD has completed a bearish crossover, reinforcing the downside continuation scenario.
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