Market NewsTechnical Analysis

EUR/NZD: Pair Trades at a Pivotal Level, Keep an Eye on It

  • EUR/NZD is heading towards the North to find its resistance on the H4 chart.
  • The SMA 30 may play a significant role to determine its next route.
  • The H1 chart looks good for the buyers.
EUR/NZD H4 chart
EUR/NZD H4 chart

EUR/NZD -Technical Analysis- H4 chart

The chart shows that the price after being bearish had a bounce at 1.73770. Upon producing a bullish inside bar, the price headed towards the North in a hurry. As of writing, the pair trades around the SMA 30’s resistance. If the SMA produces a bearish reversal pattern, the sellers may go short in the pair and drive it towards the South again. The pair may find its support around 1.72000.

On the contrary, if the price breaches the SMA 30’s resistance, the buyers may wait for the chart to confirm the breakout followed by a bullish reversal signal to go long in the pair. The pair may find its resistance around 1.77000.

EUR/NZD H1 chart
EUR/NZD H1 chart

Price Action Analysis- H1 Chart

The chart shows that the price has been bullish for a while. It had a rejection around 1.75300 and made a bearish correction. The price upon producing a bullish engulfing candle headed towards the North again and produced a bearish inside bar. The buyers may wait for the price to breach the level and go long in the pair. The price may find its resistance around 1.76000.

On the downside, if the chart produces a bearish reversal pattern, the sellers may go short in the pair and drive it towards the South. The price may find its support again at the last swing low.

Considering both charts, it seems that the pair is to make a decision from where it is right now to find its next direction. Thus, it is a pair to keep an eye on.  

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

Contact and follow Tareq on Twitter: @tareqfpn

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