EUR/NZD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
While last week EUR/NZD seemed to be forming a rising wedge, a confirmation of the up-trend at 1.50 means there is still a good chance for the bullish channel to emerge. However, resistance at 1.52 is still intact, and most technical studies are bearish. Accordingly, if the supply area at 1.52 is overcome, the Euro should be aiming for 1.55, where the weekly R2 merges with the rising resistance line.
On the other hand, in case 1.50 is violated, there are unlikely to be any noticeable rebounds until 1.4450. There the weekly S2 coincides with the monthly PP and 200-period SMA. Meanwhile, the sentiment is moderately bearish: 57% of open positions are short.
© Dukascopy Bank SA
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