Market NewsTechnical Analysis

EUR/NZD: Here Goes the Bear Again

  • EUR/NZD has found its horizontal resistance and headed towards the South.
  • The pair has made a significant bearish breakout at the SMA 30’s support.
  • The H1 chart has been bearish making a bullish correction.
  • Intraday minor charts have been choppy.
EUR/NZD H4 Chart
EUR/NZD H4 Chart

EUR/NZD- Technical Analysis-H4 Chart

The H4 chart shows that the price has been heading towards the downside upon having its resistance around 1.82550 area. On its way, it has made a significant bearish breakout at the simple moving average 30’s support. After making the breakout, the pair has kept moving towards the South. The H4 sellers may wait for the price to consolidate and produce a bearish reversal pattern to go short in the pair. As of writing, the pair seems to be bullish on the minor charts. Thus, it may consolidate soon.

A bearish reversal at the value areas may drive the price towards the South again. The price may find its support around 1.78400.

EUR/NZD H1 Chart
EUR/NZD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price after being bearish has been making a bullish correction. The sellers may keep their eyes at the price action around 1.80320. A bearish reversal candle at that flipped resistance may drive the price towards the South again with good momentum. The price may find its support around 1.79000.

On the contrary, if the price breaches the level of 1.80320, the buyers may wait for the chart to confirm the breakout followed by a bullish reversal pattern around the breakout level to go long in the pair. The price in that case may find its resistance around 1.81450.

Considering both charts, it seems that the H1 chart’s price action may play a vital role. If the marked on the above chart’s resistance level works and produces a bearish pattern, the pair may make a strong bearish move and remain bearish for a while.

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

Contact and follow Tareq on Twitter: @tareqfpn

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