Market NewsTechnical Analysis

EUR/NZD: Bear’s Domination Continues

  • EUR/NZD has been bearish on the H4 chart.
  • Simple Moving Average 30 has been working as resistance.
  • The H1 chart looks bearish making a breakout already.
  • Intraday minor charts have been bearish.
EUR/NZD H4 Chart
EUR/NZD H4 Chart

EUR/NZD- Technical Analysis- H4 Chart

The price has been heading towards the South for a long time by obeying simple moving average 30. At the last rejection, the pair produced a bearish engulfing candle and made a strong bearish move. The price then made a bullish correction and produced a bearish engulfing candle right at the flipped level of resistance. The sellers drove the price towards the downside again with a good momentum. As of writing, the price after consolidating around the SMA 30 and horizontal resistance 1.78000 has been bearish again. The price may find its next support around 1.75300.

On the upside, the buyers must wait for the chart to produce a strong bullish momentum or a bullish pattern to look for long opportunities. As things stand, it may take time.

EUR/NZD H1 Chart
EUR/NZD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price has been heading towards the South by obeying a bearish trend line. At the last rejection, it found its resistance at a horizontal level 1.77580. The chart produced a double top by making a breakout at the neckline at 1.77000. As of writing, the pair trades below that level. 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 next support around 1.760000.

On the contrary, it does not look that good for the buyers. Unless, the chart makes a bullish breakout at the trend line, the buyers may not make any trading decision on this chart.

Both charts look good for the sellers. Intraday minor charts may make some bullish corrections. However, overall the bear may  dominate in 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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