The FX market exhibits a mix of trends this week, with the MACD indicator providing insights into momentum shifts. AUDCAD and EURGBP show signs of bullish momentum, while EURNZD, NZDCHF, and AUDNZD reflect bearish pressure.
AUDCAD
Major Bias: Bearish
The MACD Moving Average Convergence and Divergence indicator on the AUDCAD chart indicates a bearish trend this week. The MACD line has crossed below the signal line, and both are declining, with the histogram showing increasing red bars below the zero line (-0.00034). This suggests weakening momentum after a recent drop from the 0.88400 resistance zone toward the 0.88420 support, with a 0.47% decline noted. The bearish bias is likely to persist unless the MACD line crosses back above the signal line, potentially targeting lower support near 0.88000.
EURNZD
Major Bias: Bearish
The Momentum on the EURNZD chart confirms a bearish trend this week. The MACD line has crossed below the signal line, and the histogram displays red bars below the zero line (0.01650), indicating sustained selling pressure. After peaking near 1.91920, the pair has pulled back toward 1.91890, with a 0.52% drop. The widening histogram suggests further downside momentum, potentially toward the 1.8720 support, unless a bullish crossover occurs.
NZDCHF
Major Bias: Bearish
NZDCHF bears have decided to hold the touch giving buyers tough time. The MACD line is below the signal line, with the histogram showing red bars below the zero line, reflecting continued downward momentum. The pair has declined from the 0.48660 level toward 0.48660, with a 1.01% drop. This trend suggests further potential downside toward 0.47710 unless the MACD shows a bullish reversal above the signal line.
EURGBP
Major Bias: Bullish
EURGBP indicates a bullish trend this week. The MACD line is above the signal line, with the histogram showing green bars above the zero line. This signals positive momentum. The pair has risen toward the 0.85150 resistance, with a slight 0.06% increase.
AUDNZD
Major Bias: Bearish
AUDNZD reinforces a bearish trend this week. The MACD line has crossed below the signal line indicating strong selling momentum. The pair has dropped from the 1.07660 zone toward 1.07699, with a 0.06% decline. The bearish bias suggests further downside toward 1.06860 key zone unless a bullish MACD crossover occurs.
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