Market NewsTechnical Analysis

EUR/NZD: Traders Brace for Movement around 1.800000 Zone

  • EUR/NZD has been bearish on the H4 chart, traded around a horizontal support.
  • The simple moving average 30 has been working as a resistance.
  • The H1 chart looks bearish, traded around yesterday’s low.
EUR/NZD H4 chart
EUR/NZD H4 chart

EUR/NZD -Technical Analysis- H4 chart

The chart shows that the price made a bearish move upon finding its resistance around 1.82500. On its way, it made a breakout at the simple moving average 30’s support. However, the pair has found its support at 1.80040. It made a bullish correction and produced a bearish reversal pattern right at the SMA 30’s resistance. As expected, the pair made another bearish move. As of writing, the pair trades around the horizontal support at 1.80040 again. The sellers may wait for the price to make a breakout to look for short opportunities. The pair may find its support around 1.79000.

On the contrary, if the horizontal level holds the price as a support and produces a bullish reversal pattern, the buyers may look to go long in the pair and push the price towards the North above the SMA 30’s resistance.

EUR/NZD H1 chart
EUR/NZD H1 chart

Price Action Analysis- H1 Chart

The chart shows that the price has made a good bearish move and has found its support around 1.80040. The sellers are to wait for the price to make a breakout and breakout confirmation followed by a bearish reversal pattern at the value area to go short in the pair. The price may find its support around 1.79650.

On the other hand, if the horizontal level produces a bullish reversal pattern, the price may head towards the North and find its resistance around the trend line.

Considering both charts, it seems that the horizontal level 1.80040, meaning 1.800000 zone is going to play a significant role on the H4 and H1 chart. Thus, traders are to keep their eyes on the price action around this level very closely.

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Your email address will not be published.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

Related Articles

Asian Stock Plunge as Nikkei Leads with 3% Drop

Asian markets fell sharply, led by Japan's Nikkei, which dropped 3.14%. U.S....

Asia-Pacific Markets Dip on Tech Earnings and Economic Data

Asian markets fell as U.S. tech earnings disappointed. The Nikkei dropped 1.27%,...

Asian Stock Diverge as Wall Street Sees Strong Rebound

Asia-Pacific markets were mixed as Wall Street rebounded. Taiwan's Taiex surged 2.4%,...

Dollar Steady; Gold and Oil Prices Face Challenges: Market Focus

Quiet start to the week with no major news. DXY steadying around...

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

Asian Stock Plummet as Nikkei Leads with 3% Drop
Market News

Asian Stock Plunge as Nikkei Leads with 3% Drop

Asian markets fell sharply, led by Japan's Nikkei, which dropped 3.14%. U.S. tech stocks also suffered significant declines.

Asia-Pacific Markets Dip on Tech Earnings and Economic Data
Market News

Asia-Pacific Markets Dip on Tech Earnings and Economic Data

Asian markets fell as U.S. tech earnings disappointed. The Nikkei dropped 1.27%, Hang Seng down 0.83%, and EV stocks fell.

Copyright © 2023 Forex Prop News. All Rights Reserved.