Bearish Sentiment Dominates Major Pairs

• 19 Mar 2018

NZD/CHF

The NZD/CHF pair has broken the high price SMA to the downside as well as the 0.687 price level. The break of the price level has been accompanied by rising selling pressure. At the same time, MACD has begun a bearish momentum reversal.

GBP/NZD

The New Zealand Dollar has broken the high price SMA to the upside with a large bullish candle. The pair is now testing the 1.933 price line and a break towards the 1.940 price level provides weight to the uptrend. MACD has broken the zero line to the upside in support of the bullish move.

EUR/GBP

The EUR/GBP pair has broken the low price SMA with four consecutive bearish candles. At the same time, MACD has broken the zero line to the downside to confirm bearish momentum.

GOLD

The GOLD pair has entered into a marked downtrend and has broken the 1315.35 price level. MACD remains in negative territory in support of the bearish trend. However, a spinning top candlestick in the previous day’s trading session could highlight that a trend change is on the horizon. Sellers may be losing control over the pair which may halt the current downtrend.