EURNZD
The EURNZD pair is currently trading within a bullish channel on the weekly chart, and it is presently above the 1.774 level, which is acting as a support for the price. The RSI indicator has flipped above the 50 line, indicating a bullish outlook for the EURNZD pair.
For a more detailed forecast of EURNZD, we zoom into the daily chart. The pair closed above the 1.783 level after breaking out of the daily bearish channel. While the RSI indicator is above the mid-line, suggesting bullishness, the stochastic oscillator indicates that the pair is overbought. Given this bullish outlook for EURNZD, we could expect a correction to recent gains with a retest of the pivot point.
With the price currently above the pivot point, the forecast for EURNZD suggests that the pair is targeting the 1.812 resistance level, followed by an August high around 1.816.
However, if the pair falls below 1.78, this would put a pause on the bullish scenario and could lead to a retest of the previous supply area around 1.75.
Key levels to watch:
Pivot: 1.78
Resistance: 1.81
Support: 1.75
Read full article here