EUR/NZD 1H Chart: Pair bullish in short term

FX:EURNZD   Euro / Neuseeländischer Dollar
After reaching the 2016/2017 low of 1.4631 in February, EUR/NZD began trading in an ascending channel . The rate tested the upper boundary of this long-term pattern circa 1.72 late in October and has since edged lower down to 1.68.

As apparent on the chart, two other patterns are also active—a channel up and a descending wedge . Taking into account characteristics of these two patterns and technical indicators, it is likely that upside risks become dominant in the market, thus setting the Euro for a slight appreciation in the short term.

An immediate upside target could the weekly PP and the 200-hour SMA circa 1.6950 or the weekly R1 at 1.7132. As a result, the rate would retrace from a previously-breached channel line.

In the medium-term, however, it is still expected that the downward pressure could take the upper hand and push the rate closer to the 1.67 area.
Check out our Webinar YouTube channel

Check out our trading platform:
DE Deutsch
EN English
EN English (UK)
EN English (IN)
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Startseite Aktien-Screener Devisen-Screener Krypto-Screener Wirtschaftskalender So funktioniert es! Chartmerkmale Hausregeln Moderatoren Webseite & Brokerlösungen Widgets Stock Charting Bibliothek Feature-Anfrage Blog & Nachrichten FAQ - Häufige Fragen & Antworten Hilfe & Wiki Twitter
Profil Profileinstellungen Konto und Abrechnung Meine Support Tickets Support kontaktieren Veröffentlichte Ideen Followers Ich folge Private Nachrichten Chat Abmelden