EURNZD Analysis: 6 Hour Timeframe Chart Pattern
Conclusion for today's analysis: Price action closing above ~1.72766 is bullish for the EURNZD
EURNZD analysis for today is examined on the 6 hour time frame with the sole purpose of inspecting chart patterns and moving averages (50 and 200) used in this study.
Price action from December 03, 2018 to current date is present inside of what is best described as a rectangle bottom chart pattern (ideally bullish) coming after the bearish swing from October 7, 2018.
The 50 and 200 moving average (MA) also do provide additional bullish bias for the EURNZD with both moving upwards with positive, rising slopes and price action trading currently above the 50 MA.
The width of the triangle helps to provide not only the range but also excellent use to calculate a minimum profit target upon eventual breakout (confirmation) of the chart pattern. 1.71997 is used as the upper boundary, while 1.63251 represents the lower boundary of the rectangle formation.
1.72766 presents a higher level of resistance and is expected to give way should bullish momentum upwards continue. Lack of a break above 1.71997 implies the EURNZD selling off to reach the bottom boundary of the rectangle formation at 1.63251 as a minimum expectation.
EURNZD analysis for today is examined on the 6 hour time frame with the sole purpose of inspecting chart patterns and moving averages (50 and 200) used in this study.
Price action from December 03, 2018 to current date is present inside of what is best described as a rectangle bottom chart pattern (ideally bullish) coming after the bearish swing from October 7, 2018.
The 50 and 200 moving average (MA) also do provide additional bullish bias for the EURNZD with both moving upwards with positive, rising slopes and price action trading currently above the 50 MA.
The width of the triangle helps to provide not only the range but also excellent use to calculate a minimum profit target upon eventual breakout (confirmation) of the chart pattern. 1.71997 is used as the upper boundary, while 1.63251 represents the lower boundary of the rectangle formation.
1.72766 presents a higher level of resistance and is expected to give way should bullish momentum upwards continue. Lack of a break above 1.71997 implies the EURNZD selling off to reach the bottom boundary of the rectangle formation at 1.63251 as a minimum expectation.
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