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FxWirePro: EUR/NZD Trade Idea

Thursday, August 9, 2018 11:30 AM UTC

Refer EUR/NZD chart on Trading View

FxWirePro Currency Strength Index for EUR/NZD: Bias Bullish
FxWirePro's Hourly EUR Spot Index was at 9.06133 (Neutral)
FxWirePro's Hourly NZD Spot Index was at -140.907 (Bearish)

Technical Analysis: Bias Bullish
- Momentum studies are bullish, Stochs and RSI are sharply higher
- RSI at 70 shows strong upside bias
- MACD is on verge on bullish crossover on signal line
- Price action above daily cloud and major moving averages

Support levels - 1.74, 1.7232 (5-DMA), 1.7191 (21-EMA), 1.6977 (200-DMA)
Resistance levels - 1.7445 (strong trendline resistance), 1.7480 (Nov 2017 high), 1.7695 (78.6% Fib)

Recommendation: Good to go long on break above major trendline resistance at 1.7445, SL: 1.7230, TP: 1.7480/ 1.76/ 1.7695

For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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FxWirePro: EUR/NZD Trade Idea

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