Article / 19 January 2018 at 15:19 GMT

FX Board: EURUSD hesitant ahead of ECB outing — #SaxoStrats

Head of FX Strategy / Saxo Bank
Denmark
  • USDCHF attempting bullish hammer reversal
  • NZDUSD rally neutralises formerly bearish chart
  • AUDNZD toying with the 1.1000 area again

USDCHF
  Can weakened dollar bulls pull out a higher close against the Swiss franc? Photo: Shutterstock

By John J Hardy

Please see today's FX Board PDF attached to this post for the latest Notes of Interest, Trend and Trend Heat readings, as well as a few thoughts on key chart developments below.

Charts: USDCHF

USDCHF is trying to post a bullish hammer reversal on the day, though the bounce will have to extend above the 0.9700-50 zone next week for bigger implications. 

To the downside, the 0.9400-50 area has been a massive support since late 2015.

usdchf

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Source: Saxo Bank 

NZDUSD

The two-way traffic evident in NZDUSD all week suggests some distribution and the risk of a consolidation back at least toward the 200-day moving average /0.382 Fibonacci retracements before deciding on next steps in the session ahead. 

This huge rally has neutralised the formerly bearish chart structure for now, as the bears will the action to head all the way back below 0.7000 to feel emboldened again.

nzdusd
Source: Saxo Bank  

AUDNZD

AUDNZD is playing cat-and-mouse with the 1.1000 area again, a zone that opens up the upper range. We like the pair higher but the last rally faltered in this area and the actual upside pivot level is 1.1053.

Source: Saxo Bank 

— Edited by Michael McKenna

John J Hardy is head of FX strategy at Saxo Bank 
Download document

FX Board for Friday, January 19, 2018

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