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

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