Weekly Forex Technical Outlook: AUDCAD, EURNZD, NZDCHF, EURGBP & AUDNZD ( May 26 -30th)

Here is a week analysis on interesting pairs – EURGBP, AUDCAD, NZDCHF, AUDNZD and EURNZD. The currency pairs yielded positively this week while some went flat as a result of market pressure.

AUDCAD

Major Bias- Bearish

AUDCAD sellers are likely to continue sprinting lower after successfully breaching the 0.88460 key level. Since last week, the bears have been active, demonstrating strong momentum and a commitment to maintain this bearish trend. This week, the currency pair has chosen a bearish flow, with sellers eager to stick to their strategy. The Stochastic Oscillator supports this downward momentum, indicating that the bearish trend is likely to persist in the market.

EURNZD

Major Bias – Bearish

EURNZD is currently in a state of indecision, with both buyers and sellers exhibiting a lack of offensive action. The market has become stagnant, remaining stuck below the key level of 1.91810. While buyers have been less aggressive, sellers have also not shown significant pressure. However, there are hopes that bears can continue to set up their positions as the liquidity pool strengthens, potentially leading to a more decisive move in either direction.

NZDCHF

Major Bias – Bearish

This week, NZDCHF has opted for consolidation, with the market showing minimal movement as buyers struggle to push higher. The 0.49800 key level acts as a resistance zone, making it challenging for bulls to gain traction. The Bollinger Band indicator reflects price compression at this stage, suggesting that a breakout could be on the horizon. Traders should be prepared for potential volatility as the market decides its next move.

EURGBP

Major Bias – Bullish

EURGBP is making a solid track back against the prevailing bearish sentiment. Bulls have executed a strong offensive pullback, successfully breaching the 0.84000 key zone. The Stochastic Oscillator indicates that buyers are currently in charge, showing resilience against selling pressure. It will be interesting to see how long they can sustain this momentum and continue to fight against the bearish sentiment in the market.

AUDNZD

Major Bias – Bearish

AUDNZD continues its bearish streak as sellers have breached the 1.07800 key zone. Sell traders may intensify their strength moving into the new week as selling pressure persists. The Stochastic Oscillator demonstrates that sellers are still willing to penetrate deeper into the market. With buyers remaining quiet, there could be further declines that break through new key levels lower, highlighting the bearish outlook for this currency pair.

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