Forex Forecast #EURNZD More Upside Remains

05.27.19 08:41 PM Comment(s) By Alan Posner

Current Technical State: Bullish

Nearest Support Level:1.70

Nearest Resistance Level: 1.74


Support & Resistance

Price rose above prior resistance now support at 1.70. Next target is 1.74.  Weekly candle of May 13th breakout above 1.70 was very bullish.


Last Confirmed Candlestick Pattern

The Bullish Morning Doji Star of the March 25th week marks the reversal.  Last week's Doji would need to a follow-on candle to close below 1.70 to signal a bearish reversal. 


Momentum Status
Bullish and slightly overbought


Last Chart Pattern and current position relative to Pattern

Double Bottom of December 3rd, 2018 and March 25th, 2019 defines the rally.  Price is testing the vicinity of the confirmation line


Fundamental News Upcoming


RBNZ Governor Orr to speak on Wednesday after Tuesday's RBNZ Financial Stability Report.  Prepare to hear a less than positive tone.  Concern about growth will be the central theme constrained by a shortage of skilled workers.  Mention of a volatile housing market may also be a theme.


German employment numbers, retail sales numbers, and inflation numbers are all releasing this week but unlikely to impact the Euro significantly. 


Driving the movement in this pair is Kiwi weakness rather than Eurozone strength.


Current Trade?
We have an open trade on this pair since 4/21/2019 and currently ahead 257 pips. I am looking for the price to continue higher.
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