EUR/NZD 4H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The latest rally of EUR/NZD appears to be overstretched and unsustainable. First, the currency pair has been trading between two rising but at the same time converging trend-lines. Second, there is no agreement among the technical indicators. There is still a possibility of a rally up to 1.54, but a combination of the up-trend and weekly and monthly R2 levels should be able to stop appreciation of the Euro and initiate a decline. In this case the potential targets will be the May 5 low at 1.47, 200-period SMA at 1.44, Apr 28 low at 1.42, and finally the Apr low at 1.39. Alternatively, if the bulls overcome supply at 1.54, EUR/NZD should aim for 1.58, namely for the Feb high.
© Dukascopy Bank SA
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