Market NewsTechnical Analysis

EUR/NZD: Bull Waits to Gain Momentum

  • EUR/NZD has been having a bearish correction on the H4 chart.
  • The price may find its support at a flipped level.
  • The H1 chart has been obeying a bullish trend line.
  • 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 has been having a bearish correction after making a bullish move. On its way, it breached the simple moving average 30 and traded above it for quite a while. The sellers may keep their eyes on the pair to go long from the value areas. The level of 1.77200 looks good to hold the price as a support. If the level produces a bullish reversal pattern, the buyers may go long and push the price towards the North. The price may find its resistance around 1.79700.

For the sellers, they may have to wait to find short entries. The chart is to produce a strong bearish reversal pattern or a make a bearish move breaching the SMA 30 to attract the sellers to drive the price towards the South.

EUR/NZD H1 Chart
EUR/NZD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price has been up trending by obeying a trend line. At the last bounce, it produced a bullish inside bar and headed towards the North in a hurry. The price then found its resistance around 1.78200 and produced a triple top. It headed towards the support of the trend line with only two candles. As of writing, the price seems to have found its support around the trendline. The buyers must be waiting for the chart to produce a bullish reversal pattern to go long in the pair. The price may find its next resistance around 1.78800.

On the contrary, if the price breaches the trendline’s support and confirms the breakout, the sellers may go short upon having bearish reversal signal at the value areas. The price may find its support around 1.77200 in that case.

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

Contact and follow Tareq on Twitter: @tareqfpn

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