- EUR/NZD has been having a bearish correction on the H4 chart.
- A level may hold the price as a flipped support.
- The H1 chart looks good for the sellers.
- Intraday minor charts have been bearish.
EUR/NZD- Technical Analysis-H4 Chart
The H4 chart shows that the price upon finding its support around 1.78500 made a bullish move. On its way, it made a breakout at the simple moving average 30. The price then made a bearish correction and produced a bullish engulfing candle right at the SMA 30’s support. The price continued its bullish move with one more candle. However, it has found its horizontal resistance and has been heading towards the South with good momentum. The buyers may wait for the price to find a support and produce a bullish reversal pattern to go long in the pair again.
A bullish reversal pattern at the value areas such as 1.81550 may push the price towards 1.82000. However, if the price continues its bearish move, the sellers may want to wait for a breach at the SMA 30 to look for short opportunities.
Price Action Analysis- H1 Chart
The chart shows that the price has been heading towards the South in a hurry. The level of 1.80700 has been significant since the price reacted at this level earlier several times. A breakout below may attract the sellers to look for short opportunities. The price may continue its bearish and find its support around the last swing low in case of a bearish breakout followed by a breakout confirmation.
On the other hand, if the level holds the price as a support, a bullish reversal pattern may attract the buyers to go long in the pair. The price may find its resistance again around 1.81150.
Written by: Md Tareq Sikder, Senior Analyst Forex Prop News
Contact and follow Tareq on Twitter: @tareqfpn