Market NewsTechnical Analysis

EUR/NZD: Bull Makes Correction, Sellers Wait for Opportunities

  • EUR/NZD has been bearish on the H4 chart.
  • A bearish trend line has been working as resistance.
  • The pair trades below the Simple Moving Average 30.
  • The H1 chart has been bearish.
EUR/NZD
EUR/NZD

EUR/NZD-Technical Analysi-H4 Chart

The H4 chart shows that the pair has been bearish by obeying a trend line. It has had multiple rejections at the trend line’s resistance. At the last rejection, it produced a bearish engulfing candle and headed towards the South with good momentum. As of writing, the pair trades around the swing low. The sellers may wait for the price to make a breakout at 1.80600 to go short on the pair. The pair may find its next support around 1.79500.

On the upside, the pair may end up having another bounce at the swing low. If it continues and makes a bullish breakout at the trend line’s resistance, the bull may take over and push the price towards the upside.

EUR/NZD H1 Chart
EUR/NZD H1 Chart

Price Action Analysis-H1 Chart

The chart shows that the pair has been down trending by obeying a trend line. It had a bounce around 1.80600 and produced a bullish pin bar. As of writing, the price has been heading towards the North to find its resistance. The sellers may keep their eyes on the pair to get a bearish reversal pattern around the trend line’s resistance to go short. The pair may find its next support around 1.80150.

On the other hand, if the price keeps moving towards, the buyers may wait for the price to make a bullish breakout at the trend line. A breakout followed by a bullish reversal pattern at the flipped support may attract the buyers to go long on the pair. The price may find its next resistance around 1.82500.

Both charts look good for the sellers. They may wait for the price to make the corrections and produce bearish reversal pattern at the value areas. If that happens, we may see some good bearish move on the pair.

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

Contact and follow Tareq on Twitter: @tareqfpn

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