Technical analysis

EURNZD Wave Analysis 9 August 2023

– EURNZD broke round resistance level 1.8000

– Likely to rise to resistance level 1.8400

EURNZD recently broke above the round resistance level 1.8000, which has been steadily reversing the price from April, as can be seen below.

The breakout of the resistance level 1.8000 accelerated the active impulse waves iii and 3, which belong to the intermediate impulse wave (3) from May.

Given the clear daily uptrend, EURNZD can be expected to rise further toward the next resistance level 1.8400 (target price for the completion of the active impulse wave iii).

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