There is still room to the upside. The new high and the remaining bying of any decline makes it more likely that this room will be filled.
EVI left the 4 month range to the upside. There seems to be potential.
We are in a correction phase, at least short term.
I think that there is a trading range developing and the rate has to test the downside for the next days.
In this current downmove since 7th June we are seeing a new low. Thus the move shall continue this correction.
Not only that we saw a new alltime high but we also overcame the monthly falling subordinated trendline (yellow).
We couldn't fall below the cloud and the indicators seem to turn bullish now.
As like with the most currency pairs we are watching a range trading. At moment we see a test to the downside of the NZD.
Th past trading day ended with a beginning attemt to correct the upmove. Thus I will try to follow this and look how far it may take us.
The retracement down has failed for the moment, thus I expect a further test whether there is more potential on the upside.
All right, the hammer has a little to big head, but I suppose thet is is one. And as it stands at the end of an attempt of a downward correction which could not be completed by Fibonacci rules I assume that the downward momentum is not very large.
There seems to be no retracement after the recent decline, i.e. the fall shall continue.
After this steep fall the stok may go to close the window now.
The trend is running and running. Infineon looks outperforming and now that the DAX is consolidating there seems to be few risk on the downside.
The Shooting Star indicates falling prices the more that it it shines imediately below a relevant moving average.
We have retraced 50 % of the rise since 18th May now. An attempt to continue with this trend is likely.