The FX market continues to exhibit varied momentum across key pairs this week. Strong bullish trends persist in AUDNZD, EURNZD, and EURGBP, indicating sustained buying pressure. Conversely, NZDCHF remains firmly in bearish territory, while AUDCAD is displaying signs of a bullish recovery from recent consolidation. Traders should remain vigilant for potential continuations or reversals around critical price levels.
AUDNZD
Major Bias: Bullish
AUDNZD has demonstrated a strong bullish reversal this week, breaking convincingly above the 1.09105 resistance level and currently trading near 1.09457. This upward surge follows a period where buyers successfully defended the 1.07896 support. The RSI is trending upwards and is approaching overbought levels, while the Momentum indicator confirms the increasing bullish strength. The sustained move higher suggests that buyers have taken firm control, with potential for further gains towards the 1.10281 resistance.
EURNZD
Major Bias: Bullish
EURNZD continues its robust bullish trajectory, having broken past the 1.91606 support and is now pushing towards the 1.97532 resistance. The pair has maintained a clear uptrend, consistently forming higher highs and higher lows. The RSI is strong and the Momentum indicator confirms the sustained buying interest. While the RSI is approaching overbought conditions, indicating a potential for a temporary pullback, the overall sentiment remains strongly bullish. This suggest that bulls are targeting the 1.97532 level in the near term.
EURGBP
Major Bias: Bullish
EURGBP maintains its bullish bias, with buyers pushing the price steadily higher towards the 0.87267 resistance zone. The pair has shown consistent upward movement, finding support around the 0.85271 level and building on positive momentum. Both the RSI and Momentum indicators are firmly in bullish territory, although the RSI is nearing overbought levels. The current price action suggests that bulls are determined to test and potentially break above the 0.87267 resistance, continuing the established uptrend.
NZDCHF
Major Bias: Bearish
NZDCHF remains under significant bearish pressure. The pair has continued its downtrend, dropping further below the 0.48778 resistance and currently trading around 0.47848, eyeing the 0.46389 support. Both the RSI and Momentum indicators are confirming the strong bearish momentum, with the RSI approaching oversold conditions, yet showing no immediate signs of a strong reversal. Unless there’s a significant shift in market sentiment or a strong bullish impulse, NZDCHF is likely to continue its descent towards lower support levels.
AUDCAD
Major Bias: Bullish (Recovery)
AUDCAD is showing promising signs of a bullish recovery this week. After consolidating within a range, buyers have managed to push the price above the 0.89505 resistance level, currently testing the 0.90008 mark. The RSI is trending upwards from a neutral zone, and the Momentum indicator has turned positive, indicating increasing buying pressure. This move suggests a potential breakout from its recent range-bound movement, with bulls now aiming to establish a more sustained uptrend towards the 0.90979 resistance.
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