GBP/NZD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite the fact that for the last several weeks GBP/NZD has been trading upward, the risks are becoming heavily skewed to the downside. While there is still some room for the Sterling to rise in value, the bearish medium-turn outlook is implied by the seven-month down-trend at 2.1660. We should thus soon see a re-test of the lower edge of the near-term channel at 2.1050.

In the longer-term perspective, GBP/NZD is bullish, considering that in the daily time frame the currency pair is forming a falling wedge, a pattern that usually portends a reversal, but we need to break the major trend-line first. Meanwhile, the sentiment in the SWFX market is moderately bullish, as 57% of open positions are long.
© Dukascopy Bank SA
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Wed, 16 Mar 2016 14:34:04 GMT

EUR/JPY 1H Chart: Channel Up

Although EUR/JPY has been stagnating since Tuesday, by generating only sluggish growth, it is still hovering above the green trend-line and 200-hour SMA. It means that our expectations are bullish for the time being. The pair may rely on help from weekly and daily PPs around 125.80. Daily technical indicators and SWFX market sentiment are backing the Euro and suppose

Wed, 16 Mar 2016 07:16:40 GMT

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