Market NewsTechnical Analysis

EUR/NZD: A Horizontal Resistance is in Play

  • EUR/NZD has been bullish on the H4 chart, but trades around a resistance now.
  • The pair trades above the simple moving average 30.
  • The H1 chart is on consolidation.
  • Intraday minor charts have been bullish.
EUR/NZD H4 Chart
EUR/NZD H4 Chart

EUR/NZD- Technical Analysis-H4 Chart

The chart shows that the price made a long bullish move earlier on the H4 chart. It then found its resistance around 1.52540 and made a long bearish correction. On its way, it breached the SMA 30’s support. However, the chart did not produce any bearish reversal candle after the breakout. Thus, the sellers did not find the opportunity to go short in the pair. However, the price headed towards the North and went above the SMA 30’s support. The buyers on the minor charts pushed the price towards the upside with good momentum.

As expected, the price has found its resistance again around 1.52540. The buyers may want to wait for a bullish breakout here after consolidation. The price may find its next resistance around 1.84530.

EUR/NZD H1 Chart
EUR/NZD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price upon having a bounce around 1.80500 made a strong bullish move by obeying a trend line. It had several bounces at the trend line’s support. As of writing, the pair trades around the last swing high. Thus, a breakout at today’s higher high may push the price towards the upside. The price may find its next resistance around 1.83400.

On the other hand, if the price breaks consolidation support, it would break the trend line’s support as well. Thus, the sellers may keep their eyes on the pair to go short and drive the price towards the South. The price may find its support around 1.81500

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

Contact and follow Tareq on Twitter: @tareqfpn

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