New Zealand Dollar has been one of the strongest pairs of the Forex market recently.
As you can see on the chart euro has been under performing NZD since late March.
Back in March it made a descending triangle top and broke it to the down side.
Since then it has been trading in a trading range between 1.825 ish which was the previous support of the topping...
EURNZD oversold levels in all timeframe from 30 mins into higher Daily timeframes
Indicators & Oscillators are oversold waiting for reversal
Confirmation 30 pips move for long position
Bull flag pattern 30 min
The pair was not able to sustain its strength after it failed to break out from key resistance line, which will send the pair lower towards a major support line. The Royal Bank of New Zealand (RBNZ) cut its benchmark interest rate in response to the escalating trade war between the United States and China. This will cause an advantage for New Zealand exports...
. There is a possibility of temporary retracement to suggested support line (1.6815). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. EUR/NZD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support....
While the price is below the resistance 1.7390, beginning of downtrend is expected.
We make sure when the support at 1.6325 breaks.
If the resistance at 1.7390 is broken, the short-term forecast -beginning of downtrend- will be invalid.
While the RSI downtrend #1 is not broken, bearish wave in price would continue.
While the price is below the resistance 1.7820, beginning of downtrend is expected.
We make sure when the support at 1.7380 breaks.
If the resistance at 1.7820 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Price is in the Trend Hunter Sell Zone (1.7480 to 1.7705).
We would set sell orders...
There is no trend in the market and the price is in a range bound, but we forecast an uptrend wave above 1.7115 would begin in Midterm.
Price is in the Sell Zone (1.7295 to 1.7480).
We would set sell orders based on Daily-Trading-Opportunities and expect to reach short-term targets.
Beginning of entry zone (1.7295)
Euro is looking strong against multiple pairs, here is sitting on local support turned resistance. It has also formed a pennant that is looking to break upwards. If it doesn't break up we can see more consolidation and a possible down turn to retest support.