Market NewsTechnical Analysis

EUR/NZD: The Bull is on Its Way Again

  • The pair had a bounce at SMA 30 and headed towards the North
  • The price is about to make a significant bullish breakout
  • Flipped level of support pushed the price towards the upside in the H1 chart
  • The H1 chart looks bullish after having the 2nd bounce

EUR/NZD H4 Chart
EUR/NZD H4 Chart

EUR/NZD H4 Chart Finds its Support at SMA 30

The pair had a bounce 1.76800 and made a breakout at Simple Moving Average 30. The price continued its bullish journey and made a bearish correction. It produced a Hammer right at Simple Moving Average 30 and had a decent bullish move. However, the price seems to have found its resistance at the higher high at 1.81400. As of writing, the price action suggests that the pair may end up making a bullish breakout at 1.81400. If that happens, the buyers may keep their eyes in the pair to go long from the value areas. The price may find its next resistance around 1.82500. On the contrary, if the level works as a level of resistance and makes a bearish breakout at Simple Moving Average 30, the pair may get bearish-neutral.

EUR/NZD H1 Chart
EUR/NZD H1 Chart

Flipped Level of Support Pushes the Price

The H1 chart looks very bullish. The price had a bounce at the level of 1.80000. At the second bounce, it made a strong bullish move. On its way, it made a breakout at 1.81000. The price then made a bearish correction and found its support at the breakout level. The level has been working as a level of support. The price has had several bounces. At the last bounce, it produced a massive bullish candle, which may attract intraday buyers to go long in the pair. More buying pressure on intraday charts may end up making a bullish breakout at the last swing high. That would eventually add more buying pressure and make the pair remain bullish in major time frames. On the other side, if the price does not continue its bullish move, but makes a bearish breakout at 1.81000, intraday traders may find short entries.

Considering these two charts, it seems that the Bull holds the key. If it ends up making a breakout at the swing high, the pair may make a stronger bullish move and remain bullish for a while.

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

Contact and follow Tareq on Twitter: @tareqfpn

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