Market NewsTechnical Analysis

EUR/NZD: Bull Waits for a Ground

  • EUR/NZD has been having a bearish correction on the H4 chart.
  • The SMA 30 has been working as a support.
  • The H1 chart is to find its direction may make a long bearish correction.
  • Intraday minor charts have been bearish.
EUR/NZD H4 Chart
EUR/NZD H4 Chart

EUR/NZD -Technical Analysis- H4 Chart

The chart shows that the price made a bullish breakout at the simple moving average 30’s resistance and continued its journey towards the North for a while. It then made a bearish correction. Upon producing a bullish engulfing candle around the SMA 30’s support, the pair headed towards the North with good momentum. As of writing, the pair has been having a bearish correction. The buyers are to keep their eyes on the pair to go long from the value areas.

However, the SMA 30’s support is a bit far. It offers the price to continue its travel towards the South for a while. Thus, the correction may end up being a long one, which could potentially change the trend. Nevertheless, the sellers may not take any trading decision based on this this chart. Minor charts may offer some good short entries during the correction.

EUR/NZD H1 Chart
EUR/NZD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price has been bullish and made some significant breakout at significant resistances. On its way, it consolidated around 1.77430 and made a breakout. As of writing, the pair trades around the level again. A bullish reversal signal may push the price towards the North again.

On the contrary, if the price makes a breakout at the level, it may find its support around 1.76330.

Considering both charts, the pair is in bullish zone. However, it seems to be overbought as well. Thus, it may take time to offer long entries to the buyers. Sellers may watch and wait for their opportunity, which may take longer.

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

Contact and follow Tareq on Twitter: @tareqfpn

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