The foreign exchange market is displaying a mix of corrective phases and trend indecision as we head into the last week of October. The bearish pullbacks in AUDCAD and AUDNZD are extending after rejections from key highs. Concurrently, the strong downtrend in NZDCHF shows signs of slowing, while EURNZD and EURGBP have entered consolidation phases, testing critical technical levels that will likely dictate their next directional move.
AUDNZD
Major Bias: Bearish
The corrective phase in AUDNZD that began after its rejection from the 1.14716 high continues to unfold. Sellers remain in control, pushing the price down to test the 1.13530 support level. This bearish momentum is confirmed by the MACD indicator, which has shown a clear bearish cross with its histogram expanding to the downside. The immediate bias is bearish, with a break of the current support likely opening the door for a deeper retracement toward the 1.11729 zone.
EURNZD
Major Bias: Neutral
EURNZD’s strong uptrend has paused. After pulling back from its recent all-time high, the pair found significant buying interest at the 2.00178 support level and has since bounced. It is now trading in a consolidation range between this support and the 2.03129 resistance. The MACD pullback reflects this corrective phase. The bias is neutral as the market awaits a clear breakout from this range to signal its next direction.
NZDCHF
Major Bias: Bearish
The dominant downtrend in NZDCHF remains intact, but the bearish momentum is showing signs of exhaustion. The price has entered a tight consolidation near the 0.45309 low. Notably, the MACD is showing a bullish convergence, with its lines attempting to hook upwards from deeply negative territory. This suggests a short-term relief rally or further sideways chop is possible. While the overall bias is still firmly bearish, traders should be cautious of a potential counter-trend bounce.
AUDCAD
Major Bias: Bearish
The bearish reversal in AUDCAD is well-established. Following the decisive failure at the 0.92698 resistance, sellers have maintained control, pushing the price below the 0.91379 level. The MACD is expanding to the downside below the zero line, confirming strong bearish momentum. With the MFI also weak, the path of least resistance remains lower, with sellers targeting the major support zone at 0.90679.
EURGBP
Major Bias: Neutral
EURGBP is locked in a clear sideways consolidation pattern. Price action is trapped below the key resistance at 0.87334, with neither buyers nor sellers able to establish a definitive advantage. This market indecision is mirrored by the MACD, which is flat and hovering near the zero line, and the MFI, which is holding near the 50 level. The bias is neutral, and this status will likely remain until a confirmed breakout or breakdown from the current range occurs.
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