EUR/NZD 4H Chart: Two scenarios likely

Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralBuyNeutral
Alligator(13;8;5)SellSellSell
SAR(0.02;0.2)BuySellSell
Aggregate

The single European currency has edged lower by 237 basis points or 1.40% in value against the New Zealand Dollar since January 15. The decline began after the currency pair tested the upper boundary of a descending channel pattern at 1.6902.

Currently, the exchange rate is trading near a resistance cluster formed by the 50-, 100– and 200– period SMAs and the combination of the weekly R1 and the monthly PP near the 1.6808 region.

If the resistance cluster holds, the currency exchange rate would continue trading south within this week's trading sessions.

However, if the pair breaks the resistance lines, a surge towards the weekly R1 at 1.6902 could be expected during the following trading sessions.

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