EURO has hit its minimum target for the ending diagonal on the daily chart. Next week can start to watch for potential shorts in EURO in general. Strong pairs like EURAUD, EURCAD and EURNZD would provide indicator for weakness in EURO in general. EURGBP at 8940-9050 should either breakout or breakdown from there. EURUSD is a tough trade honestly and any EURJPY ...
So NZD is not really a perfect buy right now - sloping channel and clear downtrend. However, there is some support for a bounce in early next week. For example, AUD and NZD often has some sort of correlation, and both look like jumping.
- Channel bottom stopping momentum like has happened previously many times before.
- Stoch and RSI coming from super ...
NZDEUR is currently approaching resistance at 0.5850 a critical price point which might determine the short to medium term price direction.
A break above 0.5850 could see prices continue to its next target at around 0.5890 If unsuccessful then we might have an opportunity to take a short position with a target price around 0.5805
Euro is starting January with a selective middle ground. Great against weaker currencies like USD and GBP and weak against stronger ones like AUD, CAD, NZD. Euro is practically nowhere with Yen. Great for range trades but sticking with EURUSD EURGBP as longs and shorting Euro with AUD/CAD/NZD.