Market NewsTechnical Analysis

EUR/NZD: The Bull Continues Its Move amid Bear’s Zone

  • EUR/NZD has been having a bullish correction on the H4 chart.
  • The pair trades around the simple moving average 30.
  • The H1 chart looks good for the buyers.
  • Intraday minor charts have been bullish in the Tokyo session.
EUR/NZD H4 chart
EUR/NZD H4 chart

EUR/NZD -Technical Analysis- H4 chart

The chart shows that the price has found its horizontal support around 1.79500 and produced a bullish inside bar. The buyers then waited for the chart to produce a bearish inside bar followed by a bullish engulfing candle to push the price towards the North. As of writing, the pair trades around the simple moving average 30. A bearish reversal pattern at the SMA 30’s resistance may drive the price towards the South. The price may find its support around 1.78750.

On the other hand, if the price breaches the SMA 30’s resistance, the buyers may keep pushing the price towards the upside. In that case, the price may find its resistance around 1.82500.

EUR/NZD H1 chart
EUR/NZD H1 chart

Price Action Analysis- H1 Chart

The chart shows that the price has been up trending by obeying a trend line. On its second bounce, it produced a bullish engulfing candle. Since then, it has been bullish on the H1 chart. The chart produced a bearish inside bar after producing some consecutive bullish candles. The buyers may wait for the chart to produce a bullish reversal candle breaching today’s high to go long in the pair.

On the downside, the sellers may have to wait for the chart to produce a strong bearish momentum or a bearish reversal pattern to look for short opportunities.

As things stand with the pair, the H4 chart needs time to get bearish. The H1 chart, on the other hand, looks good to go towards the upside. Thus, the pair may end up having a bullish day today.

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

Contact and follow Tareq on Twitter: @tareqfpn

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