EUR/NZD 4H Chart: Pressured by 50– period SMA - Trade Pattern Ideas - Dukascopy Bank
Mon, 16 Dec 2019 06:37:34 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Neutral
Buy
Neutral
Stochastic(5;3;3)
Neutral
Buy
Buy
Alligator(13;8;5)
Sell
Sell
Neutral
SAR(0.02;0.2)
Buy
Buy
Sell
Aggregate
⇒
⇒
⇒
The single European currency has been trading in a descending channel pattern against the New Zealand Dollar since the middle of October. The currency pair has depreciated about 4.44% since October 16.
Everything being equal, the 50– period simple moving average could continue to drive the EUR/NZD exchange rate lower within this week's trading sessions. A potential breakout through the lower boundary of the descending channel pattern could occur this week.
However, a support level formed by the weekly S1 art 1.6785 could provide support for the currency exchange rate during the following trading sessions.
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