| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Sell | Buy | Buy |
| RSI(14) | Neutral | Neutral | Neutral |
| Stochastic(5;3;3) | Sell | Neutral | Neutral |
| Alligator(13;8;5) | Sell | Buy | Buy |
| SAR(0.02;0.2) | Buy | Sell | Buy |
| Aggregate | ⇘ | ⇒ | ⇗ |
The Euro has been appreciating against the New Zealand since the end of July when the EUR/NZD currency pair reversed north from the lower boundary of the rising wedge pattern at 1.6535.
As apparent on the chart, the exchange rate has already reversed south from the upper pattern line at 1.7550. From a theoretical point of view, it is likely, that some downside potential could prevail in the market, as the rate should target the lower wedge boundary. It is unlikely, that a breakout south could occur due to the lower boundary of the long-term ascending channel at 1.6570.
Note, that the rate has to surpass the Fibo 23.60% at 1.7123. If the given support level holds, it is likely, that the pair could re-test the upper wedge line. If the given wedge does not hold, a breakout north could occur within the following trading sessions.