Market NewsTechnical Analysis

EUR/NZD: Bear Gets Ready on the H4 Chart

  • EUR/NZD trades around the SMA 30’s resistance on the H4 chart.
  • The pair may end up producing an Evening Star here.
  • The H1 chart has been on consolidation.
  • Intraday minor charts have been choppy.
EUR/NZD H4 Chart
EUR/NZD H4 Chart

EUR/NZD -Technical Analysis- H4 Chart

The chart shows that the price after making a bearish move and breaching the simple moving average 30’s support traded below it for quite a while. The price then made a bullish correction upon producing consecutive bullish candles. The chart then produced an Inverted Hammer. As of writing, the price has been choppy. However, if the current candle comes out as a bearish engulfing candle, the sellers may go short in the pair and drive the price towards the South. The price may find its support around 1.76200.

On the contrary, if the price breaches the SMA 30, the buyers may wait for the chart to confirm the breakout followed by a bullish reversal candle to go long in the pair. The price may find its resistance around 1.79000.

EUR/NZD H1 Chart
EUR/NZD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price trades around 1.78220, where the price reacted several times earlier. The sellers, of course, are going to wait for the price to come out from that consolidation zone and go short in the pair. The price may find its next support at the last swing low.

On the upside, if the price breaches the horizontal resistance, the buyers may wait for the price to produce a bullish reversal signal to go long in the pair. The chart shows that the price has enough space to travel towards the North. Thus, H1 chart looks good for the bull if it ends up making a breakout at that horizontal resistance.

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

Contact and follow Tareq on Twitter: @tareqfpn

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Newsletter

Subscribe to ForexPropNews Trading Newsletters

Receive the best-curated content by our editors for the week ahead.

Mini Charts

Fidelcrest video review

Play Video

Related Articles

A Closer Look at Trends in Global Stock Markets

Global indices like Nikkei 225, FTSE 100, and DAX 40 hit record...

Surging Markets: A Week of Record Highs and Key Risk Events Ahead

Last week's record highs in US stock markets driven by tech and...

AUD/USD in Focus: Resistance Levels and Inflation Data Awaited

The Aussie dollar faces resistance against the US dollar ahead of key...

USD/CHF: Choppy Price Action on the H4

USD/CHF – Technical Analysis- H4 Chart The chart shows that the price...

Featured educational content

EXPLORE MORE

Featured educational content

New to Forex? Learn to Read Charts Like a Pro

Dive into forex trading basics: chart reading, candlesticks, technical indicators, timeframes, currency pairs. Start your journey to trading success today!

Video: How I Re-Programmed My Mind to be a Consistent Trader (Thanks to The Wolf of Wall Street)

How I Re-Programmed My Mind to be a Killer Trader (Thanks to The Wolf of Wall Street)

Video: This Invisible Trading Indicator Tells you What Day Trade (Not Just Price)

This Invisible Trading Indicator Tells you WHEN to Trade (Not Just Where)

Technical Analysis: Chart Patterns and Indicators for Profitable Investments

Navigate stocks with confidence using chart patterns like Head and Shoulders, indicators such as MACD, and tools like trendlines. Master technical analysis for...

Latest News

Global Stock Markets
Market News

A Closer Look at Trends in Global Stock Markets

Global indices like Nikkei 225, FTSE 100, and DAX 40 hit record highs but may consolidate amid economic uncertainties.

Surging Markets Week of Record Highs
Market News

Surging Markets: A Week of Record Highs and Key Risk Events Ahead

Last week's record highs in US stock markets driven by tech and AI stocks set a positive tone for investors.

Copyright © 2023 Forex Prop News. All Rights Reserved.