Analysis: Data Favors Bulls; Pending Confirmation | $NZD $EUR

FX:EURNZD   Euro Fx/New Zealand Dollar
166 0 1

We are turning to the $EURNZD as our system is nearing a bullish market reversal signal - conditional word here is "nearing".

A slight decrease in RBNZ's first quarter inflation expectation (2.33% vs. 2.34%), backed by its finance minister expected passive action to see the $NZD weaken against a tapered-based revaluation of the $USD are a few fundamental development that should play in favor of this EURNZD             pair.

Additionally, tomorrow will also see more NZD economic data from YTD and January trade balance data. If disappointing, then we should get a confirmation of our bullish expectation.

Finally, disappointing Chinese performance data is also likely to play in the weakening of export partner's currencies, such as the AUD and NZD.

For now, we prepared this chart with a bullish target based on preemptive technical development, but a "Neutral" Market Direction Prediction shall remain until occurrence of such bullish market reversal confirmation signal.


David Alcindor
TradingView.com Moderator, Alias: 4xForecaster
Predictive Analysis & forecasting

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Disclaimer: Forecasts, analyses and opinions generated herein are for educational purposes only and are not trading recommendations. We trust that you will do your own due diligence first, then seek professional advice from a licensed professional, then enter the market at your own perils - David Alcindor - TradingView.com Alias: 4xForecaster
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