EUR/NZD 30M Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Near-term outlook on EUR/NZD is strongly bullish. Appreciation of the Euro implied by the pattern is supported by an overwhelming majority of other studies. In addition to the technical indicators that in aggregate are pointing upwards, the single currency is heavily oversold (69% of positions are short), making an extension of the current rally even more probable. Immediate resistance is at 1.5580/60, but the first obstacle to pose a real threat to bullish momentum is 1.5620/10, as it has already stopped previous two recoveries earlier this month. If the pair is successful, the next target will be 1.5650, namely the August 8 high.
© Dukascopy Bank SA
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