Market NewsTechnical Analysis

EUR/NZD: Bear Finds Fence, Bull May Take Over

  • EUR/NZD has had a bounce at the swing low and been heading towards the North.
  • The simple moving average 30 has been its resistance.
  • The H1 chart looks bullish may make a bearish correction.
  • Intraday charts have been bullish in Tokyo session.
EUR/NZD H4 chart
EUR/NZD H4 chart

EUR/NZD -Technical Analysis- H4 chart

The chart shows that the price made a long bearish move by obeying the simple moving average 30. It then had a bounce at 1.74850 and made a bullish correction. The price got bearish again upon producing a bearish engulfing candle at the SMA 30’s resistance. However, the swing low level has held the price and pushed it towards the North. As of writing, the pair is traded around the SMA 30’s resistance again. A bullish breakout followed by a reversal pattern may push the price towards the North. The price may find its next resistance around 1.77600.

On the downside, if the price makes a move towards the South and ends up making a breakout at the current support, the sellers may drive the price towards the South further. The price may find its next support around 1.74000.

EUR/NZD H1 chart
EUR/NZD H1 chart

Price Action Analysis- H1 Chart

The chart shows that the price has been up trending by obeying a bullish trend line. On its way, it made a breakout at 1.79580. The buyers may keep their eyes on the pair to go long from that area. The price may find its next resistance around 1.76500.

On the downside, if the price breaches the trendline, the sellers may drive the price towards the South. In that case, the level of 1.74850 may work as a support.

Considering both charts, it seems that the bull has an edge here. If it ends up making a breakout at the SMA 30 on the H4 chart, it may remain bullish for a while.

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

Contact and follow Tareq on Twitter: @tareqfpn

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