NZDUSDexitNZD USD 20200716 18.42

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The USD selling picked up pace during the early European session and lifted the EUR/USD pair closer to mid-1.1400s – highest since March 10.

The pair prolonged its recent positive momentum and gained strong follow-through traction for the fourth consecutive session on Wednesday. The upbeat market mood continued denting the US dollar's relative safe-haven status and was seen as one of the key factors driving the EUR/USD pair higher.

The shared currency benefitted from hopes that European Union leaders may agree on stimulus and deepen fiscal integration to shield the Eurozone economy from the pandemic.

EURUSD H4 06 18 2020 1022

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Fed commitment to keep rates unchanged until 2022.

US30 H4 07 07 2020 2053

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The EUR/AUD broke above the long-term key resistance trend line . This could indicate a major bullish reversal.

EURAUD H4 07 09 2020 1543

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AUD/NZD remains on the back foot around 1.0610 amid the early Wednesday morning in Asia. The pair snapped a two-day winning streak the previous day while taking a U-turn from a short-term falling trend line resistance.

Considering the bearish MACD, as well as sustained trading below an immediate resistance line, the quote is likely to extend its weakness.

In doing so, a horizontal area comprising lows marked since the early May month, around 1.0570/80, appears on the bears’ minds. However, a joint of 100/200-day SMAs near 1.0535/40 will be a strong support to challenge the sellers afterward.

In a case the pessimism prevails past-1.0535, odds of the AUD/NZD price-drop to 1.0500 threshold, before visiting April 21 low around 1.0470, can’t be ruled out.

AUD NZD 20200526 15.15

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Australia reports a record trade surplus in May
Australian iron ore exports to China are up
Australian ability to combat the virus makes the Aussie an attractive option

AUDUSD H4 06 30 2020 0854

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