Market NewsTechnical Analysis

EUR/NZD: Has Bull Occupied the Bear’s Territory?

  • EUR/NZD produced a double bottom at a significant support.
  • The pair trades above the simple moving average 30.
  • The H1 chart may get choppy before finding its direction.
  • Intraday minor charts have been bullish.
EUR/NZD H4 Chart
EUR/NZD H4 Chart

EUR/NZD- Technical Analysis-Chart

The chart shows that the price had its second bounce at 1.75330 and made a breakout at the neckline. As of writing, the pair trades above the simple moving average 30. Thus, the buyers may wait for the price to consolidate and produce a bullish reversal candle to go long in the pair. The price may find its resistance around 1.78130.

The chart also shows that the bull has enough space to travel towards the North. Thus, it may attract more buyers to go long in the pair. The level 1.78130 may work as resistance. However, if the price breaches the level, then the pair may remain bullish for some days.

On the downside, the sellers may not make any trading decision based on the H4 chart.

EUR/NZD H1 Chart
EUR/NZD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price has been heading towards the North with a good pace. It has been obeying a bullish trend line. At the second bounce, it produced a bullish Marubozu candle and headed towards the upside in a hurry. As expected, the pair found its resistance around 1.76300. It traded around that level for a while. It then made a bullish breakout. The buyers may keep their eyes on the level to make buying decision. However, if the price consolidates and produces bullish reversal pattern, the bull may continue its move and make new higher high.

Considering both charts, it seems that the pair may get bullish now after being bearish for a long time. Let us wait and watch what the price does around those significant resistance levels.

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

Contact and follow Tareq on Twitter: @tareqfpn

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