Last week EUR/NZD was trading lower as New Zealand GDP missed market
expectations. The pair bottomed at 1.6840
-1.6810 area where met the bullish trend line, starting from February 2017. So after testing for a while
this significant support level finally bulls prevailed and during last sessions
are showing strong upward strength. Today the pair broke the 2018 high at
0.7132 and currently is trading at 1.7154.
Technically speaking the short term outlook remains bullish. On the four hour time frame the price is developing well above its bullish moving averages. RSI and stochastic are located within extreme overbought territories and both are showing strong upward momentum.
Given the above EUR/NZD has potential to accelerate further and mark new highs. First resistance is seen at 0.7250 and a break above it will open doors for testing 1.7482. Meanwhile the upcoming session will bring the latest RBNZ monetary policy announcement with expectations to keep rates unchanged at 1.75% especially after the weak GDP numbers from last week, which will additionally support the New Zealand bulls.
Technically speaking the short term outlook remains bullish. On the four hour time frame the price is developing well above its bullish moving averages. RSI and stochastic are located within extreme overbought territories and both are showing strong upward momentum.
Given the above EUR/NZD has potential to accelerate further and mark new highs. First resistance is seen at 0.7250 and a break above it will open doors for testing 1.7482. Meanwhile the upcoming session will bring the latest RBNZ monetary policy announcement with expectations to keep rates unchanged at 1.75% especially after the weak GDP numbers from last week, which will additionally support the New Zealand bulls.
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