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

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