EUR/NZD: Intense Battle Between Bull and Bear

• EUR/NZD is on consolidation on the H4 chart.
• The SMA 30 has been working as a resistance.
• The H1 chart has been choppy trading within a range.
• Intraday minor charts have found its support at 1.76000.

EUR/NZD -Technical Analysis- H4 Chart

The chart shows that the price after being bearish, it has found its support around 1.76000. The price has been on consolidation around the level for a while. The sellers are going to keep their eyes on the pair to go short below the level. The price may find its support around 1.74000.

On the upside, if the price breaches the resistance of consolidation, the buyers may wait for the price to go above the SMA 30’s resistance to go long in the pair. The price may find its resistance around 1.78000.

Price Action Analysis- H1 Chart

The chart shows that the price has been down trending by obeying a bearish trend line. However, it has found its support at 1.76000 and had a strong bounce. The sellers have been waiting for the price to find its horizontal resistance followed by a breach at the support to go short in the pair. A breakout at the level may drive the price towards the level of 1.75300.

For the buyers, as long as the trend line works as a resistance, they may not find long opportunities based on this chart. Thus, the must wait for the price to make a bullish breakout and confirmation followed by a bullish signal to go long in the pair.

Considering the resistance of the SMA 30 on the H4 and trend line’s resistance on the H1, it looks the bear is clearly ahead. However, the horizontal support at 1.7600 has been very strong. Let us wait and watch, which plays stronger role here next.

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

Contact and follow Tareq on Twitter: @tareqfpn