Technical Update - NZDCAD, AUDNZD and EURNZD

October 01, 2015 13:45

NZDCAD

On 1-hourly chart, the pair continues to rise along a short-term ascending trend-line support. But the up-move is restricted by another ascending trend-line resistance. The combination of two ascending trend-lines seems to constitute towards formation of a bearish Rising Wedge chart pattern, with immediate downside support near 0.8510-0.8500 area. Should the pair decisively weaken below this immediate support, confirming the bearish chart-pattern, the pair could immediately extend the weakness towards 0.8450-40 intermediate support before heading towards 0.8400 mark important support. Meanwhile, should the pair continue holding the ascending trend-line support and manages to move back above 0.8550 immediate horizontal resistance, it seems to make a fresh attempt to climb higher towards retesting the upper ascending trend-line resistance, currently near 0.8600 mark with 0.8560-70 acting as intermediate resistance.

AUDNZD

After once again failing to sustain its strength above 1.1300 mark, the pair has now dropped below 100-day SMA support for the first time since early May and is now trading close to immediate important support near 1.0950-30 zone. A sustained weakness below this immediate support now seems to open room for continuing the near-term downward trajectory towards testing the next important support at 200-day SMA, currently near 1.0750 region. However, should the pair manage to bounce back from this immediate strong support, 100-day SMA support break point, currently near 1.1065-70 area, now seems to act as immediate resistance. Although, momentum above 100-day SMA could witness a follow-up strength towards 1.1200 round figure mark, but any up-move beyond 1.1200 mark might continue to confront strong resistance near 1.1280-1.1300 zone.

EURNZD

Maintaining its range-bound move within a short-term rectangular formation on 4-hourly chart, the pair is trading close to the lower end of the trading range support near 1.7300-1.7280 zone. A decisive break below this immediate support, also coinciding with 50-day SMA, is likely to near-term corrective move, dragging the pair immediately towards 1.7000 mark support. The near-term corrective move could further get extended towards testing 100-day SMA support, currently near 1.6650 region. Meanwhile on the upside, 1.7490-1.7500 mark now seems to act as immediate resistance. Strength above this immediate resistance would reaffirm move within the defined trading range, thus lifting the pair back towards the upper end of the trading range resistance near 1.8000 mark with 1.7750 level acting as intermediate resistance.

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