EURNZD Analysis.
I’m euro bullish mostly because it has been one of the top-performing currencies in the past weeks, likely drawing most of the safe-haven gains away from the shaky dollar. To top it off, anticipation for an ECB hike continues to keep the shared currency supported.
On the flip side, the Kiwi is on weak footing owing to the RBNZ’s more downbeat stance shared in their latest statement. Trade jitters are making things worse, along with bouts of risk aversion stemming from emerging market troubles.
I am looking for opportunities to go long, there is a chance that price may break down to the closest phycological level at 1.76 and as long as this holds we can look for entering longs, if this fails to act as support we can see price break lower to the 1.75/1.74 regions and testing the channel support, the only problem is that price is barely showing any signs of retracing for now, but I shall stay patient.
On the flip side, the Kiwi is on weak footing owing to the RBNZ’s more downbeat stance shared in their latest statement. Trade jitters are making things worse, along with bouts of risk aversion stemming from emerging market troubles.
I am looking for opportunities to go long, there is a chance that price may break down to the closest phycological level at 1.76 and as long as this holds we can look for entering longs, if this fails to act as support we can see price break lower to the 1.75/1.74 regions and testing the channel support, the only problem is that price is barely showing any signs of retracing for now, but I shall stay patient.
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