EURNZD turning bullish long-term if the 1W MA50 holds

EURNZD is about to test the 1W MA50 (blue trend-line) as a Support for the first time since the mid January bullish break-out. Based on the 2016/2017 Cycle, which the pair seems to be replicating in remarkable fashion, if this level supports, we should see a strong 6 month rally.

As this 1W chart shows, the two periods are so far pretty identical. In June - July 2017, the 1W MA50 provided Support on its first test since the market bottom and break-out at the time, and that initiated a strong rally to the 0.618 Fibonacci retracement level, before a multi-month consolidation. Based on the 1W RSI also, it appears that if the 1W MA50 holds, we can see a rise to at least 1.8200 which is the August 2020 symmetrical High.



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