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The Trend of the Day EURNZD

The Trend of the Day EURNZD

Gregory McLeod, Currency Analyst

Falling over 5,960 pips since March, could the EUR/NZD be near a bottom?

Will we see a massive reversal on the back of Kiwi weakness.

Or is this just a head fake before a lower priced unfold?

 

The Euro Kiwi has been in a downtrend since March of this year form the highs of around 2.5660 and has slid down to the 1.9700 area. Recently, EUR/NZD has consolidated off of its lows and appears to be attempting a breakout. As price is approaching Double Top area at 2.0743 Stochastics appears to be rolling over on bot the daily and 4-hour chart. If the Shooting Star holds on the 4-hour chart, an entry short with a stop 10 pips above the high would be a trade in the direction of the trend. Traders may also choose to wait until price either touches the resistance line at 2.0743 or wait for a bearish candle reversal pattern to appear on the daily chart.

EURNZD short 11.24.09

 

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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