The foreign exchange market saw significant follow-through on last week’s key technical developments. Trends have accelerated in several pairs, with breakouts and breakdowns confirming directional biases.
AUDCAD
Major Bias: Bullish
The bullish breakout in AUDCAD has gained momentum. Following last week’s decisive move, buyers have successfully pushed the price through the 0.90679 resistance level. This area is now expected to act as a new support floor. With indicators confirming strong upward pressure, the focus shifts to the next major resistance at 0.91379. The bias remains firmly bullish as the pair trends upwards after breaking free from its prolonged consolidation phase.
EURNZD
Major Bias: Bearish
The period of neutrality for EURNZD has resolved to the downside. Sellers have successfully breached the critical support level at 1.96935, confirming that a deeper correction is underway. This breakdown signals a short-term trend reversal after the previous rally’s exhaustion. The bias has now shifted to bearish, with sellers likely to target the next support zone around 1.92415 as downside momentum builds.
AUDNZD
Major Bias: Bearish
Following its sharp rejection from the 1.11729 resistance zone, AUDNZD has continued its decline. The selling pressure has been consistent, pushing the pair steadily lower throughout the week. The price is now approaching the significant support level at 1.10123. The bearish momentum remains strong, and a break of this support would open the door for a much deeper retracement of the prior uptrend. The bias is firmly bearish.
NZDCHF
Major Bias: Bearish
As anticipated, the bearish consolidation in NZDCHF has resolved with a breakdown. Sellers have pushed the price decisively below the 0.46389 support floor, signaling a continuation of the dominant long-term downtrend. With this key support now breached, the pair has entered a new phase of its decline. The bias is strongly bearish, with sellers in complete control and likely to explore lower price levels in the sessions ahead.
EURGBP
Major Bias: Neutral
Buyers in EURGBP made a push to break the 0.87267 resistance but failed to sustain the momentum, resulting in a pullback. The pair remains trapped within its recent consolidation range, caught between determined buyers at support and strong sellers at resistance. This price action indicates market indecision and a balance of power. The bias is therefore neutral until a definitive breakout or breakdown occurs from the current range.
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