Categories: Technical analysis

EURNZD Wave Analysis – 05 April, 2019

  • EURNZD rising inside ABC correction (ii)
  • Further gains are likely

EURNZD continues to rise inside the short-term ABC correction (ii) – which started earlier from the key multi-month support level 1.6320 (which stopped the extended downtrend in December) – strengthened by the lower daily Bollinger Band.

The price earlier broke the resistance trendline of the daily down channel from January – which strengthened the bullish pressure on this pair.

EURNZD is expected to rise further and re-test the next resistance level 1.6770 (top of wave 2 and the target price for the completion of the active ABC correction (ii)).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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