Technical analysis

EURNZD Wave Analysis 4 January, 2021

EURNZD Wave Analysis 4 January, 2021

• EURNZD reversed from key support level 1.6950

• Likely to rise to 1.7240

EURNZD recently reversed up from the key support level 1.6950, which stopped the previous sharp downtrend at the end of November – standing close to the lower daily Bollinger Band.

The upward reversal from the support level 1.6950 stopped the previous minor impulse wave C.

Given the clear bullish divergence on the daily RSI indicator and the strength of the support level 1.6950 – EURNZD is expected to rise further to the next resistance level 1.7240 (target  price for the completion of the active minor impulse wave (i)).

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