The NZDCHF Performance

This pair has been trading in a bearish trend overall. Price found support at level 0.51828 with an attempt to push to the upside. The high that formed did not create another higher high for further upside. There seems to be a second attempt to push to the upside with targets identified however traders need to be cautious as the price is currently consolidating between price points 0.53366 & 0.52656. Let us wait for price action to give us a break to the upside or downside to determine direction. If the price pushes to the upside to create another higher high, we will look to a price point of 0.56008.

Please note that this should not be used as advice, but support that can assist clients to make a more informed decision on their own. Risk Management must be applied on a strict basis.

The EURCAD Performance

Price is currently consolidating after a fantastic push to the downside on the W1 timeframe. Another breakout is needed on this pair for further downside. The inner and outer trendlines have been broken. The target after the breakout is at a price point of 1.43471.

Please note that this should not be used as advice, but support that can assist clients to make a more informed decision on their own. Risk Management must be applied on a strict basis.

OIL Performance 

The oil price has come down to 71.981 from 117.674 in 2022. An attempt to push back up was made but held at rejection level 93.588. In an attempt to go up, oil created a significant High at the outer trend giving us a beacon to work with. Currently in a retracement, there could be some upside within the correction. The target is set at a price point of 85.762. Breakout is needed at price point 81.354.

Please note that this should not be used as advice, but support that can assist clients to make a more informed decision on their own. Risk Management must be applied on a strict basis.

Final Thought On Today’s Analysis

In summary, the NZDCHF is currently navigating a consolidation phase, with a potential upside if it breaks out of the current range. Traders should exercise caution and wait for a clear direction, keeping an eye on key levels. For the EURCAD, after a significant downside move, the pair is consolidating, and another breakout is awaited for a potential further downside. Trendlines have been broken, and a target is set at 1.43471. Traders should use this information as support for their decisions, implementing strict risk management practices. In the realm of oil, the price has experienced a notable decline and subsequent retracement, with a potential upside within the correction. The breakout at 81.354 is crucial. The target is set at 85.762. As always, this information serves as support, not advice, and prudent risk management is essential for traders. Watch our daily Opening Bell for daily market updates.