EUR/NZD Pushing higher

Last week EUR/NZD was trading lower as New Zealand GDP missed market expectations. The pair bottomed at 1.6840 -1.6810 area where met the bullish trend line, starting from February 2017. So after testing for a while this significant support level finally bulls prevailed and during last sessions are showing strong upward strength. Today the pair broke the 2018 high at 0.7132 and currently is trading at 1.7154.
Technically speaking the short term outlook remains bullish. On the four hour time frame the price is developing well above its bullish moving averages. RSI and stochastic are located within extreme overbought territories and both are showing strong upward momentum.
Given the above EUR/NZD has potential to accelerate further and mark new highs. First resistance is seen at 0.7250 and a break above it will open doors for testing 1.7482. Meanwhile the upcoming session will bring the latest RBNZ monetary policy announcement with expectations to keep rates unchanged at 1.75% especially after the weak GDP numbers from last week, which will additionally support the New Zealand bulls. 

AUD/USD Looking for new support

Since last Wednesday the AUD/USD pair reversed the trend and switched into bearish mode.Today the pair extended its decline and marked fresh new low at 0.7678, where currently is located. 

During the early trading hours Aussie topped at 0.7720 being supported by the upbeat macro data from Australia combined with the latest RBA minutes, reconfirming that low interest rates support the economy recovery. It will be interesting to observe the pair during next session as meanwhile the US dollar is consolidating gains ahead of FOMC meeting tomorrow.

Technically speaking the short term outlook remains bearish. On the four hour time frame the price is developing well below its bearish moving averages. RSI and stochastic have settled within extreme negative territories with first staying directionless around 30, and second aiming even lower. 

Last week the pair broke significant support level provided by the 61.8% Fibonacci retracement of latest bullish run (0.7500 -0.8135) at 0.7750 and this opened doors for the further decline that currently we are witnessing. From this point Aussie now is looking for new support and in case drops below the daily low, such could be found at 0.7630 (Mid December 2017 lows).

USD/CHF Swinging back and forth around 0.9500

After suffering sharp downfall the USD/CHF pair reversed the trend in mid February. Currently the price is hovering around the psychological 0.9500 hurdle also 38.2% Fibonacci retracement of latest October 2017 to February bearish run. Bulls had tried to push higher and tested several times the 0.9550 area but it seems that do not have enough power to break-out to further highs and after have been swinging back and forth returned to the sheltered area around 0.9500.

While the short term bullish outlook develops, the long term remains bearish. The Swiss Frank has taken a break, but on the other hand the greenback is gathering strength having DXY at some 90 and the upcoming Fed’s rate hike. From this viewpoint to confirm a bullish continuation the pair should leave the inhabited area and to turn it into support and fight the 0.9550 level.  

Alternatively the swing-low at 0 .9480 could open the doors for testing 0.9420 and in case this happens the bearish tonality will sound again. However I hope this undecided situation to come to an end next days having generous macro data from both sides and a new catalyst to set more clear direction.

NZD/USD Bearish after soft GDP

The NZD/USD pair has been trending higher since the beginning of March and has entered into bullish channel, which was clearly broken after the New Zealand's GDP figures for the final quarter of 2017 turned to be a miss. Today the Kiwi continues to depreciate after breaking the support at 0.7250 and currently has settled at 0.7241.

Technically speaking the short term outlook remains neutral to bearish. On the four hour time frame the price is developing well below its moving averages having already bearish 20-day SMA, while the 100-day and 200-day SMAs are staying flat around respectively 0.7280 and 0.7300. RSI and stochastic are located within negative territories and both are showing strong downward momentum.
At this point  there is not much in the way of the bulls unless first retaking 0.7300 area, where is the bottom border of the channel and next 0.7350. On the flip side, it seems that the bears have taken a victorious march after breaking 0.7240 and obviously next target is 0.7200.
But will the pair succeed to break this hurdle will become clear next week when both FOMC and RBNZ rate decisions are due and that might be the catalyst for the next downward move. 

EUR/USD Lower

Strong US equities and positive macro data supported the greenback, while no significant news came from Europe and EUR/USD was set on huge selling pressure today.
Technically speaking the short term outlook remains neutral to bearish. The pair is down with 0.53% for the day and as seen on the four hour time frame the price crossed to below its moving averages. The current market price is 1.2302 where bears found support at 50% Fibonacci retracement of latest upsurge. RSI and stochastic are located within extreme oversold territories and both are showing strong bearish momentum.
Should the bears succeed to break the above mentioned support level, next target is provided by the 63.8% Fibo at 1.2265.

EUR/NZD Vulnerable ahead of GDP

Last week EUR/NZD surged higher and tested the significant resistance zone around 1.7130, with which bulls experience difficulties lately. Since then the pair suffered a huge drop and today was seen hovering around the key support at 1.6840.

Within the next hours the New Zealand Statistics will release the latest growth estimate with expectations of higher figures on GDP for the fourth quarter of 2017, but this optimism might play a low-down trick on the pair. 

On the four hour time frame the price is developing below its flat 100-day and 200-day SMAs, acting as first resistance at 1.6900. The 20-day SMA has eased its bearish slope and is currently located slightly above the current market price. 

RSI is hovering around 45 unable to find clear direction, while stochastic is showing string bearish momentum and is going to cross to below its mid-line.

During the upcoming session it’s very important to see how the pair will behave within the support zone at 1.6840 -1.6810. It’s a very significant area where last week’s lows met the bullish trend line, starting from February 2017. In case of breaking it to below, door are opened for testing 1.6720. On the upside the pair remains capped by the 100-day and 200-day SMAs and if bulls succeed to fight it and the to overcome next resistance at 1.7090, then we might be sure that the uptrend would hold for a while yet.

GBP/USD On a new channel to the upside

GBP/USD broke key levels and is nearing 1.4000 hurdle as the US dollar started to slide after the US inflation figures and the following political jitters on the replacement of the Secretary of State.

Thereupon and the lack of macro events in UK for tomorrow is uplifting the Cable to its highest level in over two weeks. The UK bulls were seen flirting with the 1.40 level but obviously are a little bit hesitant as currently the pair is trading at 1.3967.

Technically speaking the short term outlook remains bullish. On the four hour time frame the price is developing within an ascendant channel, having stalled close to the upside of it. Also the pair succeeded to cross to above its moving averages, which are looking for direction. RSI and stochastic are located within strong overbought areas but both are strating to lose strength. 

Given all above the Cable is likely to push above 1.4000 and just technically this point converges with the upper side of the channel.