1.65000 level represents the concrete support level drawn from the Monthly charts, which has been clearly rejected and the price now aims at breaking the channel that it is confined in and close above the daily 50 EMA!
A convincing close above daily 50 EMA needs to take place, thereby giving further confluence that the price is headed towards the 1.69000 level!
1.69000 level is the area where the weekly 50 EMA is present and can often act as a dynamic support and resistance and therefore our target would be that level. In the future if the price breaks the weekly 50 EMA we can opt to take this pair further LONG to the next resistance (THE RED LINES ON THE CHART)
On the fundamental aspects the AUD and NZD are both set to depreciate this year with the reason being they are too overvalued at the time. I feel a drop in NZD against the USD will likely happen soon and this will inturn have great impact on the EURNZD too. It remains to be seen if the technical aspects meet in the coming days.
shall there be any trade entries i will post them in a new thread. this just represents my analysis and outlook of this pair. cheers
A convincing close above daily 50 EMA needs to take place, thereby giving further confluence that the price is headed towards the 1.69000 level!
1.69000 level is the area where the weekly 50 EMA is present and can often act as a dynamic support and resistance and therefore our target would be that level. In the future if the price breaks the weekly 50 EMA we can opt to take this pair further LONG to the next resistance (THE RED LINES ON THE CHART)
On the fundamental aspects the AUD and NZD are both set to depreciate this year with the reason being they are too overvalued at the time. I feel a drop in NZD against the USD will likely happen soon and this will inturn have great impact on the EURNZD too. It remains to be seen if the technical aspects meet in the coming days.
shall there be any trade entries i will post them in a new thread. this just represents my analysis and outlook of this pair. cheers
