Since June 27 EUR/NZD
has entered into ascending channel, but the pair abandoned it in mid December.
Bulls attempted to enter into it again, but failed. Currently the pair is
trading at 1.7045, the point of the exit from the channel and the staring base
of the wedge formation.
As clearly seen on the daily chart the top side took shape and the price is
about to close outside of it. Another confirmation for the rising bulls' froce is the importance of this
level, support turned into resistance. RSI and stochastic are floating within
warm positive territories with strong upward momentum. Short term support is
provided by the 100-day SMA at 1.6894, around which the price was hovering around
last week. To confirm the bullish bias in the long term bulls should conquer at
least the 1.7450 handle in order to get back into the uptrend channel.
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