EUR-NZD STRUCTURE ANALYIS|BEHAVIOR FORECAST

17 Agu 2020

EURNZD has broken out of the downward channel and is surging up through all the resistance lines. All that is firmly within the framework of the larger uptrend, shown on the 3 day chart above.

The lack of pullbacks signals that the bullish momentum is strong, yet the nearest resistance level is strong, and therefore, I suspect a pullback, once it has been reached, at least within the bounds of the diagonal uptrend line.

Further behavior or the pair depends on this diagonal support line strength. If it stands, there will be another retest of the resistance and possible breakout up to retest the highs.

If the diagonal support breaks, then the next comfortable level for the pair will be the S2 or even the blue support line level.

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