EUR/NZD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
There are many studies suggesting the Euro is going to keep appreciating versus the New Zealand Dollar. The main bullish argument is emergence of an ascending channel, which implies a rebound from 1.5730. At the same time, the European currency is oversold—73% of positions are short, and the majority of technical indicators is giving ‘buy' signals. Nevertheless, there are plenty of resistances capable of stopping the current rally, meaning we should be careful going long. The immediate supply level at 1.5810 is already quite strong, being represented by the 38.2% retracement of the May 10 - Jul 8 sell-off. The main obstacle for bulls is at 1.5950, however, namely the falling resistance line established in May.
© Dukascopy Bank SA
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Fri, 22 Jul 2016 06:57:03 GMT

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Thu, 21 Jul 2016 11:42:04 GMT

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