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Top Trade Idea 2020: Short: EUR/NZD – Bearish Signals on the weekly chart

Top Trade Idea 2020: Short: EUR/NZD – Bearish Signals on the weekly chart

Mahmoud Alkudsi, Analyst

EUR/NZD Weekly Price Chart DEC 2017- DEC 2019

EURNZD Weekly Price Chart

On Oct 18, uptrend move led EUR/NZD to a multi- year high at 1.7929. On Oct of this year the price rallied again. However, the pair has not been able to push towards the previous peak highlighting less buyers were ready to join the market.

Currently, the price tests the uptrend line originated from the Feb 6 low at 1.4535. A bearish signal could be generated from a close below the uptrend line for two consecutive weeks. This could lead the price towards 1.5905.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

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