Market NewsTechnical Analysis

EUR/NZD: Trades Near Pivotal Resistances

  • EUR/NZD seems to have found its resistance at 1.75200.
  • The SMA 30 has been working as a resistance.
  • The H1 chart has been having a bullish correction.
  • Intraday minor charts have been bullish.
EUR/NZD H4 Chart
EUR/NZD H4 Chart

EUR/NZD -Technical Analysis- H4 Chart

The chart shows that the price made a long bearish move on the H4 chart. It has found its support at 1.74450 and made a bullish correction. As expected, the level of 1.75200 worked as a resistance and produced a bearish inside bar. The sellers do not seem to be that confident to go short in the pair as yet. Instead, the buyers on the minor charts have been pushing the price towards the resistance again. The sellers may wait again to get a bearish reversal signal to go short in the pair at the flipped level. The price may find its support around 1.74000.

On the upside, if the price keeps heading towards the North and makes a breakout at the SMA 30, the buyers may wait to go long in the pair upon having breakout confirmation. The price may find its resistance around 1.76700.

EUR/NZD H1 Chart
EUR/NZD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price has been bearish by obeying a trend line. At the last rejection, it consolidated at the resistance of the trend line and made a bearish move. However, the pair has not made a new lower low. It rather has found its support and produced a bullish inside bar. As of writing, the current candle has been bullish as well. The sellers may wait for the chart to produce a bearish reversal signal to go short right at the resistance of the trend line.

On the contrary, the buyers will be waiting for a bullish breakout followed by a breakout confirmation and a reversal signal to go long in the pair. In that case, it may find its next resistance around 1.76000.

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

Contact and follow Tareq on Twitter: @tareqfpn

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