Market NewsTechnical Analysis

EUR/NZD: Bull is at a Confluence Level

  • EUR/NZD has found its support at a confluence level on the H4 chart.
  • The pair seems to have completed its bearish correction.
  • The H1 chart has been choppy trading within a range.
  • Intraday minor charts are yet to find their direction.
EUR/NZD H4 Chart
EUR/NZD H4 Chart

EUR/NZD -Technical Analysis- H4 Chart

The chart shows that the price has found its support at 1.76150. The simple moving average 30 has been working as a support as well. Thus, the buyers may consider it as a confluence level. The bull may make a move from here and head towards the swing high. A breakout at 1.77000 may generate more bullish momentum and push the price towards making a new higher high.

On the contrary, if the price breaches the support, the sellers may wait for the breakout confirmation followed by a bearish reversal signal to go short in the pair. In that case, it may find its support around 1.75250.

EUR/NZD H1 Chart
EUR/NZD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price gets caught within a range. The level of 1.76385 has been working as a resistance and the level of 1.76150 has been working as a support. The price has had multiple bounces and rejections at those levels. A breakout at the resistance may push the price towards the North. It may find its next resistance at 1.77000.

A breakout at the support, on the other hand, may drive it towards the downside. The chart shows that the last swing low does not offer enough space. Thus, it may not be a strong move unless the level of 1.75930 gets broken.

Considering both charts, it seems that bull is nicely poised to make a move from here. If bear makes a move, it may gradually move towards the South.

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

Contact and follow Tareq on Twitter: @tareqfpn

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