Market NewsTechnical Analysis

EUR/NZD: The Bull Finds another Strong Ground

  • The H4 chart has been very bullish by obeying a trend line
  • The price had its second bounce at a confluence level
  • The price has been up trending in the H1 chart with good momentum
  • A significant resistance has become support
EUR/NZD H4 Chart
EUR/NZD H4 Chart

EUR/NZD Support from Trend Line and SMA Push the Price Upwards

EUR/NZD pair has been very bullish in the H4 chart. The chart shows that the price had several bounces at the trend line and moved towards the North. On its way, it found its resistance around 1.83550. However, it found its support at 1.82300 and produced a bullish engulfing candle. It could not make a breakout at the resistance but came down again. At the second bounce, it produced another bullish engulfing candle at a confluence level and headed towards the North. The buyers may be keener to go long in the pair at its weakness. Simple Moving Average 30 has been working as support.

On the downside, unless it makes a bearish breakout at the trend line, the sellers may stay away from the pair to go short.

EUR/NZD H1 Chart
EUR/NZD H1 Chart

It is All Set for the Bull to Make another Run

The H1 chart shows that the price found its horizontal support around 1.82250 and headed towards the North with good momentum. It consolidated for a while, and then made another bullish move. On its way, it made a significant bullish breakout at 1.83585. The price has been in consolidation around the level as of writing. A bullish reversal candle followed by a breakout at today’s high may push the price towards the North. The price may find its next resistance around 1.85000.

Both the H1 and H4 look very bullish. Considering both charts, the Bull may dominate in the pair for some days. On the downside, the sellers are to wait for the Bear to produce a Double Top followed by a breakout at the trend line on the H4 chart to be able to find some short opportunities with good risk-reward.  

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

Contact and follow Tareq on Twitter: @tareqfpn

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