Market NewsTechnical Analysis

EUR/NZD: A Bullish Trend Line Pushing the Price towards Upside

  • EUR/NZD has been bullish by obeying a trend line.
  • The pair trades well above the simple moving average 30.
  • The H1 chart looks bullish.
  • Intraday minor charts have been bullish.
EUR/NZD H4 Chart
EUR/NZD H4 Chart

EUR/NZD- Technical Analysis-H4 Chart     

The H4 chart shows that the price has been up trending by obeying a trend line. It has had multiple bounces at the trend line’s support. At the last bounce, it produced a bullish inside bar. Since then it has been heading towards the North in a hurry. As of writing, the current candle has been very bullish as well. The buyers may keep their eyes on the pair to go long from the value areas. The pair may find its resistance around 1.83150.

On the downside, it does not look good for the sellers. The pair is to produce a bearish reversal pattern followed by a breakout at the trend line to look for short opportunities. As things stand, it may take time to happen.

EUR/NZD H1 Chart
EUR/NZD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price has been heading towards the upside with a good momentum. At the last bounce at 1.78700, the pair headed towards the North by making a significant bullish breakout at 1.79600. It consolidated around the breakout level and continued its bullish move. As of writing, the pair still looks bullish. However, the buyers may want to wait for the price to make a bearish correction to go long with lucrative risk-reward.

The level of 1.78700 may work as a flipped support. The buyers may wait for the price to produce a bullish reversal pattern at the level to go long and push the price to 1.81500.

Considering both charts, it seems that the bull has been dominating on both charts. It may continue its domination on the pair for a while.

Written by: Md Tareq Sikder, Senior Analyst Forex Prop News

Contact and follow Tareq on Twitter: @tareqfpn

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