EUR/NZD 4H Chart: Pressured by 50– period SMA

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralBuyNeutral
Stochastic(5;3;3)NeutralBuyBuy
Alligator(13;8;5)SellSellNeutral
SAR(0.02;0.2)BuyBuySell
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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