The forex market reflected mixed sentiment this week, with the New Zealand Dollar (NZD) showing contrasting performance across major crosses. The week’s theme centered on continued NZD weakness, modest AUD resilience, and renewed euro strength, as risk sentiment remained cautious across global markets.
NZDCHF
Market Bias: Bearish
NZDCHF continues its persistent downtrend, now trading around 0.4511, close to the crucial support zone between 0.4602 and 0.4528. Price action shows consistent rejection near the mid-range levels, while the Accumulation/Distribution line remains flat, confirming a lack of buying strength. The Money Flow Index (MFI) sits around 52, suggesting neither oversold nor overbought conditions, which leaves room for further downside.
AUDNZD
Market Bias: Bullish
AUDNZD remains one of the strongest performers this week, extending gains beyond 1.1420 and approaching the 1.1575 resistance level. The pair has displayed strong bullish momentum since early October, with buyers consistently stepping in on minor pullbacks.
The MFI (78) suggests the pair is nearing overbought territory, but there’s no sign of exhaustion yet. The Accumulation/Distribution line continues to rise, confirming steady accumulation. If momentum sustains above 1.1500, price could target 1.1650 in the coming sessions.
EURNZD
Market Bias: Bullish
EURNZD remains firmly bullish, surging above 2.0312 and currently hovering near 2.0626. The pair broke out of consolidation earlier in the week, confirming renewed euro strength against a weaker NZD.
The MFI (67) supports continued buying pressure, and the Accumulation/Distribution line reflects consistent inflows, indicating that institutional sentiment remains positive.
AUDCAD
Market Bias: Bearish
AUDCAD continues to slide after failing to hold above 0.91900. The pair is now testing the 0.91000 level, with the Accumulation/Distribution line showing declining interest and the ADX reading below 20, indicating a weak trend. The bias remains bearish, with further downside expected toward 0.90000 and 0.89000.
EURGBP
Market Bias: Bullish
EURGBP is struggling to break above the 0.88000 resistance, with price action showing repeated rejection near 0.87376. The bias is bearish, with downside potential toward 0.85771 and 0.84000. The Money Flow shows positive flow likely to decline in coming days.
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