Key Levels Are Being Tested Ahead Of The European Session

• 8 Feb 2018

AUD/JPY

The AUD/JPY pair has struggled to reverse a marked downtrend which started mid- January. Momentum indicators also have a downward trajectory with MACD breaking the zero line. Despite the pair reaching oversold conditions there appears to be further downside bias.

NZD/CAD

A break of both the 0.908 price level and the 20- period EMA have confirm the bearish sentiment for the NZD/CAD pair. Momentum indicators confirm near-term direction for the pair is bearish. The next likely price target is the 0.899 price level.

AUD/NZD

The AUD/NZD pair has recovered from a recent sell-off which saw the pair approach oversold conditions. A bullish reversal is underway confirmed by momentum change on RSI. Price action is heading towards the 20-period EMA and a break of this level would provide weight to the uptrend.

NZD/JPY

A break of the 20- period EMA and the 79.27 price level cements the downtrend for the NZD/JPY pair. Momentum indicators confirm the bearish bias with an imminent break of the zero line on MACD.