Good morning from Hamburg and welcome to our last Daily FX Report of this week. Today we are going to report about the AUD and NZD. Both currencies rose at the end of the week. Furthermore we are having the EUR and the USD in focus. However, we wish you a sunny and relaxed weekend.
Since one week, the EUR has been trading in a bullish zigzag movement against the GBP. Recently, the currency pair weakened and touched its support level around 0.8630 simultaneously with is lower Bollinger Band. Three days ago, we had the same scenario and the prices increased. Also a crossing Stoch may indicate further bullish moves.
As you can see, since the middle of April, the GBP/NZD has been trading within a bearish trend channel. Currently, the prices reached the upper line of the channel. During the last week, whenever the GBP touched the upper line, the currency pair rebounded. Also the Force indicator may support a continuing downward trend
With the beginning of April, the AUD has been trading in a bearish trend versus the NZD. Yesterday, the currency pair could recover from its downfall to its Fibonacci retracement near 1.2825 (23.6). Three days ago, we had the same situation and the prices increased to the upper Fibo line around 1.2890 (38.2). Also the RSI may indicate an increasing trend, but it remains to be seen if the AUD could break its next Fibo retracement by 1.2890 this time
The CHF could recover from its bearish phase and has been starting a bullish movement. The prices touched its resistance around 87.00 and rebounded. A crossing Stoch indicator through the signal line from the top could be a signal for a pull back. Next support could be near 86.18.
The EUR continued its yearly bearish trend versus the AUD. Recently; the EUR could recover at its support around 1.4249. It seems that the support is strong enough to stop the current bearish trend. Furthermore the DeMarker indicator may indicate an increasing trend, but we should wait for the next few days if the support could confirm its strength
Varengold Bank
IMPORTANT NOTIFICATION TO BE READ IN CONJUNCTION WITH THE CONTENTS OF THIS DOCUMENT
This document is issued and approved by Varengold WPH Bank AG. The document is only intended for market counterparties and intermediate customers who are expected to make their own investment decisions without undue reliance on the information set out within the document. It may not be reproduced or further distributed, in whole or in part, for any purpose. Due to international laws/regulations not all financial instruments/services may be available to all clients. You should have informed yourself about and observe any such restrictions when considering a potential investment decision. This electronic communication and its contents are intended for the recipient only and may contain confidential, non public and/or privileged information. If you have received this electronic communication in error, please advise the sender immediately, and delete it from your system (if permitted by law). Varengold does not warrant the accuracy, completeness or correctness of any information herein or the appropriateness of any transaction. Nothing herein shall be construed as a recommendation or solicitation to purchase or sell any financial product. This communication is for informational urposes only. Any market or other views expressed herein are those of the sender only as of the date indicated and not of Varengold. Varengold reserves the right to consider any order sent electronically as not received unless it is confirmed verbally or through other means.
