The New Zealand dollar has been suffering during the previous week, trading at November's levels. What did result in such a bad performance of the currency?
Daily Market Analysis
The pair is likely going to test the nearest support at 1.2606 - 1.2588. Meanwhile, if a pullback from this area happens next...
EUR/USD keeps trading with volatility but in a small range. There’s a very strong support level at 1.1310 (200-week MA).
EUR/JPY has reached the support line connecting 2018 lows and the lower weekly Bollinger band in the 125.50 area.
It's likely that the price is going to test the nearest support at 1.1335 in the coming hours. If a pullback from this level happens next...
It's likely that the price is going to test the next resistance at 1.2725 - 1.2759 in the coming hours...
On the daily chart of USD/CHF, the return of the pair towards the resistance near the parity level (1.00), will push the pair towards the targets of the 5-0, "Wolfe Waves" and AB=CD patterns.
On the daily chart of USD/JPY, bears managed to reverse the uptrend due to the implementation of the "Three Indians" and "Spike and Ledge" patterns' combination.
On the daily chart of EUR/JPY, the implementation of the "Spike and Ledge" pattern, in particular, the fall of the pair below the lower border of the "ledge" between the 127.6 and 129.25 levels, made the pair reach the 88.6% target of the "Shark" pattern.
On the daily chart of GBP/USD, bulls try to push the pair back within the triangle's borders and implement the "Wolfe Waves" pattern.
GBP/NZD has been correcting up since the middle of December.
On the daily chart of USD/CAD, bulls managed to reach the 127.2% and 88.6% targets of the AB=CD and "Bat" patterns.