Price is below the daily Ichimoku cloud and we got signs of rejection at the 50% retracement. However in the short-term price has held support at 1.0925 and Euro bulls are trying to push prices higher.
In the short-term chart prices are above the Ichimoku cloud and hold above the kijun-sen (yellow line indicator). Bulls are still in control of the short-term trend and could push towards new highs above 1.1050. Support at 1.0925 if broken we should expect prices to reverse at least towards 1.08. Long-term resistance is at 1.1080-1.1130.
Bulls keep prices supported for this pair and are testing resistance at 1.5175-85. Breaking above this area will open the way to 1.5250. Another rejection here will push price towards 1.5070 at least.
Price is above the Ichimoku cloud but below the black trend line resistance. The bigger wedge pattern has resistance at 1.5275. So as long as we are below that level, this pair is trapped inside the downward sloping wedge.
Has also reached the kijun-sen (yellow indicator) resistance and is pulling back. Short-term resistance is at 122.20 and next at 123.20. Price remains below the Ichimoku cloud confirming bearish trend.
Support is at 121.30. If broken we should expect a push lower towards 120.50.
Trapped inside a triangle, I prefer to be neutral and wait for a break above 0.7350-0.7370 or below 0.7170 to take action.
It remains inside the bullish channel and has made multiple tests to break above the resistance area at 0.6790 but was rejected several times but got rejected. That is why I’m bearish NZDUSD.
Price is above the Ichimoku cloud that is why I’m cautiously bearish. The long-tailed candles I believe is a warning of a coming decline in NZDUSD.
The daily chart continues to worry me and make me stand on the sides waiting for a bearish reversal. We have a bearish divergence with higher highs in price and lower highs in the stochastic oscillator. I expect USDCAD to reverse soon and for now I prefer to stay neutral.