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EUR/NZD Into Resistance- Pullback to Offer Entries

EUR/NZD Into Resistance- Pullback to Offer Entries

2017-04-19 14:43:00
Michael Boutros, Strategist
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Talking Points

  • EUR/NZD pullback off key resistance to be viewed as opportunity
  • Updated targets & invalidation levels
  • Check out our NEW DailyFX 2Q Trading Guides. Join Michael for Live Weekly Strategy Webinars on Mondays at 13:30GMT

EURNZD Daily

EUR/NZD Daily Chart

Technical Outlook: EURNZD rebounded off confluence support earlier this week at 1.5122 where the 38.2% retracement of the 2017 range converges on down-slope support. The rally is now testing initial resistance at the trendline extending off the yearly high. The broader focus for the pair remains weighted to the topside while above the 1.50-handle (bullish invalidation) with a breach here once again targeting key resistance at 1.5451/84.

EURNZD 240min

EUR/NZD 240min Chart

Notes: A closer look at price action highlights near-term confluence resistance at 1.5290. Look for a reaction here with the immediate long-side vulnerable below this mark. Interim support now at the monthly open / low-day close at 1.5180/99 – area of interest for exhaustion / long-entries.

A breach higher eyes subsequent resistance objectives at 1.5336, the 1.54-handle & 1.5451/83. A quarter of the daily average true range (ATR) yields profit targets of 24-28 pips per scalp. Added caution is warranted heading into the New Zealand Consumer Price Index (CPI) tonight with the release likely to fuel increased volatility in the Kiwi crosses.

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Relevant Data Releases

EUR/NZD Into Resistance- Pullback to Offer Entries

Other Setups in Play:

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list.

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

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