EUR/NZD 4H Chart: Likely breakout

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3) Neutral Buy Neutral
Alligator (13; 8; 5) Sell Neutral Buy
SAR (0.02; 0.2) Buy Sell Buy
Aggregate

The single European currency began appreciating against the New Zealand Dollar mid-June when it reversed from the lower boundary of a long-term ascending channel at 1.6600.

Currently, the exchange rate is trading in a two-week descending channel. This pattern can be considered to be a brief retracement down. The pair tested the bottom border of the long-term ascending channel pattern at 1.7550 during the first part of Thursday's session.

A breakout is likely to occur within this session. If this breakout occurs, the currency exchange rate will aim at the weekly S3 at 1.7465 during the following trading sessions.

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