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Eurnzdlong

Will buyers return for EUR/NZD soonThe pair has been cruising above a rising trend line on its hourly chart, forming higher since the start of this month. Price looks ready for another test of support, which happens to be right around the 61.8% Fibonacci retracement level and the 1.6100 major psychological support. To top it off, this lines up with the 200 SMA dynamic inflection point which adds to its strength as a floor. The 100 SMA is above the 200 SMA to hint that the uptrend is more likely to resume than to reverse. Also, Stochastic is pulling higher after its dip to the oversold region, indicating that euro bulls are ready to return. In that case, EUR/NZD could be in for another rally to the swing high around the 1.6350 minor psychological mark and beyond. Better keep your eyes peeled for reversal candlesticks around the area of interest if you’re taking a long position on this one! Upcoming Potential Catalysts on the Forex Economic Calendar: U.S. core durable goods orders at 12:30 pm GMT U.S. CB consumer confidence index at 2:00 pm GMT U.S. new home sales at 2:00 pm GMT U.S. Richmond manufacturing index at 2:00 pm GMT
Long
by forexinworld
Eurnzd Time frame AnalysisEurNzd 1st Window. In this window we can see Trendline has been broken three week ago. And now this week market is testing its trenline since March 2020. But here 50 SMA is also a resistance. After that we also have resistence near 1.6811 since June 2021 and after that we also have a strong resistence near 1.7173 since July 2020. 2nd Window. In this window we can see this is the D1 Timeframe. And market is following Trendline since April 2022. And from last 11 days market is down but in a channel. We can expect bullish breakout if market respect its Trendline. So we will find a reversal near 1.6871. 3rd Window 3rd window is showing market has broken its trendline and now testing TL. We may find a resistence and reversal near 1.66700. 4th Window Here we are concluding that what should we do. Risk Disclosure TRADING IS NOT SUITABLE FOR EVERYONE. IF YOU DON’T KNOW WTF YOU’RE DOING, TRADING FOREX CAN CAUSE YOU TO COMPLETELY LOSE ALL OF YOUR MONEY. FOREIGN CURRENCY TRADING IS HIGHLY SPECULATIVE AND RISKY. IT IS ONLY SUITABLE FOR THOSE PEOPLE WHO UNDERSTAND, AND ARE WILLING TO TAKE ON, THE FINANCIAL AND OTHER RISKS INVOLVED, AND WHO HAVE THE RESOURCES TO WITHSTAND LOSSES THAT MAY BE SIGNIFICANTLY GREATER THAT ANY DEPOSITS YOU HAVE MADE. Financial instruments that are traded on leverage carry a high level of risk and you could lose more than your deposits. We will not be liable of any losses. Take trade if you can bear the losses.
Short
by Theranasaramd