The RSI indicator is making lower lows whereas the prices are making higher highs, signalling a bearish divergence. Enter the trade around 1.7230 with first target of 1.71800 and the second target around 1.70937. The nearest Stop loss for the pair is kept at 1.73072.
The weakness in the Euro is blatant. And now it has formed right tilted head and shoulder pattern against NZD as well. The price has broken the neckline and is setting up for huge intraday downside move. Hence, we expect the pair to reach the support levels of 1.68633 and 1.68406 for the intraday.
The pair is sizing up for long-term bearish move and is now constructing only first two waves of an Elliott wave. Second wave being an corrective wave has a three wave structure - ABC. The breaking of the trendline indicates the commencement of wave C. Hence, traders can take advantage of the near-term bullish bias and initiate long positions.
Save your time on analyzing the market, Start to Learn, Trade Forex market in a technical ways with the help of Forex Experts team. Don’t Trade Forex market all the time, trade Forex only at good opportunities available in the market.
NZD is getting stronger. SELLING EURNZD will be a good idea. RSI is also below 50. TARGET: 1.64240
After completing a short-term bull cycle move, EUR/NZD is poised for a corrective movement. Also, it broke the trendline that embedded the bear cycle. Hence we expect the pair to move retract to support levels at 1.64859 and 1.64626.
EUR/NZD is at its long term bearish trendline in the 4-hour chart. Taking into account, the dovish stance of ECB, we expect the pair to dive from here. We anticipate the price to reach its support 1.64228.
EURNZD:- PAIR IS FORMING A POSSIBLE HEAD AND SHOULDER PATTERN ON DAILY TIME. WEAKNESS IN EUROZONE MAY FURTHER LEAD THE PAIR TO LEVEL OF 1.550
Midterm forecast: 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. Technical analysis: While the RSI downtrend #1 is not broken, bearish wave in price would continue. A peak...
EurNzd Long at 1.65669 TP- 1 1.66040 SL - 1.64948
EURNZD is holding well above the 4H EMA. In my opinion, long entries at 1.6725 for targets of 1.6850 and 1.7040 seems plausible. Stops would be placed below 1.6650 if I decide to take this trade.