Market NewsTechnical Analysis

EUR/NZD: Moving Average 30 Works as a Support, Horizontal Level as a Resistance

  • EUR/NZD has been choppy on the H4 chart.
  • The SMA 30 has been working as a support with a horizontal resistance ahead.
  • The H1 chart made a bullish move approaching towards today’s high.
  • Intraday minor charts moving towards the North with good momentum.
EUR/NZD H4 chart
EUR/NZD H4 chart

EUR/NZD -Technical Analysis- H4 chart

The chart shows that the price has been looking for its direction. The level of 1.75300 has been a strong resistance. However, the simple moving average 30 has been holding the price as a support. As of writing, it seems to have ended up producing a bullish candle. If that happens, the buyers may push the price towards the North above the horizontal resistance. The price may find its next resistance around 1.77000.

On the contrary, if the horizontal resistance produces a bearish reversal pattern again, the sellers may look to go short below the SMA 30 and drive the price towards the South. In that case, the level of 1.73800 may hold the price as a support.

EUR/NZD H1 chart
EUR/NZD H1 chart

Price Action Analysis- H1 Chart

The chart shows that the price had a strong bounce at the level of 1.74600. It produced a bullish engulfing candle followed by a spinning top. The next candle closed as a bullish candle as well. The price seems to be heading towards the North. It may find its resistance around 1.75300. A breakout above the level may push the price towards the North further. In that case, it may find its resistance around 1.76000.

However, if the level of 1.75300 works as a resistance and ends up producing a bearish reversal pattern, the sellers may keep their eyes on the pair to go short. Again, the level of 1.74600 may play its part as a level of support.

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

Contact and follow Tareq on Twitter: @tareqfpn

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