EUR/NZD chart - Trading View
Technical Analysis: Bias Bullish
- The pair has hit 4-month highs above 1.71 handle before paring some gains
- Price action has bounced off 20-DMA support and has broken above 200-DMA
- Momentum studies bullish, Stochs and RSI are sharply higher. Bullish divergence adds to bullish bias
- The pair trades above daily cloud and major EMAs and volatility is rising
- Close above 200-DMA will see further gains in the pair. Scope for test of 0.7201 (Jan 3rd high)
- Failure to close above 200-DMA could see retrace till 0.6820 (nearly converged 20-DMA and 21-EMA)
Support levels - 1.6975 (200-DMA), 1.6924 (5-DMA), 1.6820 (nearly converged 20-DMA and 21-EMA)
Resistance levels - 1.71, 1.72, 1.7303 (61.8% Fib)
Recommendation: Good to go long on close above 200-DMA, SL: 1.6820, TP: 1.7110 (50% Fib), 1.72, 1.7303 (61.8% Fib)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
