EUR/NZD made a strong bullish bounce at the 50% Fibonacci retracement level. The bullish breakout above the resistance trend lines indicates more upside.
The EUR/NZD made a strong bullish bounce at the 50% Fibonacci retracement level. The bullish breakout above the resistance trend lines (dotted orange) indicates more upside.
This article will review the EUR/NZD price patterns and targets, but also why this particular currency pair offers the best charting opportunities this week.
The Euro seems posed to be one of the strongest currencies this week with impressive gains against the USD, GBP, and AUD while keeping in balance with the JPY.
On the other hand, the NZDis mostly on the losing end versus the USD and AUD. With EUR strength and NZD weakness, the EUR/NZD seems ready for more upside:
On the 1 hour chart, the bears have lost control and the bulls seem posed to push price up higher soon:
The bulls could push immediately higher. This offers potential on intra-day or intra-week time frames for more upside.
Eventually a retracement is expected. A bull flag pattern (grey arrows) followed by a breakout could indicate more upside.
Good trading,
Chris Svorcik
The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter
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Chris Svorcik is co-founder, trader, and analyst with Elite CurrenSea (www.EliteCurrenSea.com) since 2014.