Market NewsTechnical Analysis

EUR/NZD: The Bull Needs to Break a Fence to Proceed

  • EUR/NZD gets choppy around a flipped resistance.
  • Simple Moving Average 30 works as support.
  • The H1 chart looks bullish.
  • Intraday minor charts have been bullish too.
EUR/NZD H4 Chart
EUR/NZD H4 Chart

EUR/NZD-Technical Analysis-H4 Chart

The H4 chart shows that the pair trades around a horizontal resistance, where the price had a rejection earlier this week. Simple Moving Average 30 has been working as support. A breakout above the level may push the price towards the North. The price may find its next resistance around 1.84000.

On the downside, If the price makes a bearish breakout at the SMA 30, the sellers may consider it as a double top’s neckline breakout to go short on the pair. The price may find its next support around 1.81000.

EUR/NZD H1 Chart
EUR/NZD H1 Chart

Price Action Analysis-H1 Chart

The H1 chart shows that the price has been heading towards the North by obeying a trend line. At the second bounce, it produced a bullish engulfing candle and pushed the price towards the North. The price found its resistance around 1.82800 and made a bearish correction. It found its support at the trend line again. Upon producing a bullish inside bar followed by a bullish engulfing candle, the price has been heading towards the North again. As of writing, the pair trades around the horizontal resistance, where it had a rejection last time. A breakout above the level may push the price towards the North. It may find its next resistance around 1.83400.

On the downside, a breakout at the trend line followed by breakout confirmation and a bearish reversal pattern may drive the price towards the downside. It may find its next support around 1.82000.

On the downside, a breakout at the trend line followed by breakout confirmation and a bearish reversal pattern may drive the price towards the downside. It may find its next support around 1.82000.

The H4 and the H1 charts look slightly better for the buyers. A bearish breakout at the trend line on the H1 chart may set a strong bearish tone, which may end up making a breakout on the H4 chart and make the pair bearish. Let us wait and watch what happens next.

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

Contact and follow Tareq on Twitter: @tareqfpn

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Newsletter

Subscribe to ForexPropNews Trading Newsletters

Receive the best-curated content by our editors for the week ahead.

Mini Charts

Fidelcrest video review

Play Video

Related Articles

A Closer Look at Trends in Global Stock Markets

Global indices like Nikkei 225, FTSE 100, and DAX 40 hit record...

Surging Markets: A Week of Record Highs and Key Risk Events Ahead

Last week's record highs in US stock markets driven by tech and...

AUD/USD in Focus: Resistance Levels and Inflation Data Awaited

The Aussie dollar faces resistance against the US dollar ahead of key...

USD/CHF: Choppy Price Action on the H4

USD/CHF – Technical Analysis- H4 Chart The chart shows that the price...

Featured educational content

EXPLORE MORE

Featured educational content

New to Forex? Learn to Read Charts Like a Pro

Dive into forex trading basics: chart reading, candlesticks, technical indicators, timeframes, currency pairs. Start your journey to trading success today!

Video: How I Re-Programmed My Mind to be a Consistent Trader (Thanks to The Wolf of Wall Street)

How I Re-Programmed My Mind to be a Killer Trader (Thanks to The Wolf of Wall Street)

Video: This Invisible Trading Indicator Tells you What Day Trade (Not Just Price)

This Invisible Trading Indicator Tells you WHEN to Trade (Not Just Where)

Technical Analysis: Chart Patterns and Indicators for Profitable Investments

Navigate stocks with confidence using chart patterns like Head and Shoulders, indicators such as MACD, and tools like trendlines. Master technical analysis for...

Latest News

Global Stock Markets
Market News

A Closer Look at Trends in Global Stock Markets

Global indices like Nikkei 225, FTSE 100, and DAX 40 hit record highs but may consolidate amid economic uncertainties.

Surging Markets Week of Record Highs
Market News

Surging Markets: A Week of Record Highs and Key Risk Events Ahead

Last week's record highs in US stock markets driven by tech and AI stocks set a positive tone for investors.

Copyright © 2023 Forex Prop News. All Rights Reserved.