EUR/NZD 1H Chart: Rectangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/NZD has been developing similarly to EUR/AUD during the recent months and both pairs have formed an uptrend. At the moment the Euro stopped its appreciation versus Kiwi as the price consolidates for more than 4 days. Actually it is a bullish rectangle to be more precise, which is defined by two parallel trend lines which represent support and resistance levels respectively. As indicators in short and medium periods are neutral, and the market sentiment is not clearly market, the pair is likely to stay around current level for some time. However, in a longer period a move to the support line is expected.
© Dukascopy Bank SA
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