Weekly Trading Signal: EURNZD

EURNZD: SELL

The EURNZD cross is expected to trade southwards in the next trading days, based on the analysis shown. Generally, the outlook for the EUR is not that bright, and the NZD (Kiwi) itself is having a measure of stamina. Looking at the chart, the market was in a short-term uptrend last week. That uptrend was weak and precarious: the price began to come down gradually after it has touched the great psychological level at 1.6000. Trading gradually southward, the market is now trading below the EMA 56, while the RSI period 14 has gone below the level 50. This is a bearish confirmation signal. However, further selling pressure is needed to drag the price more downwards, and this is exactly what is expected. One could open a short order, placing the stop at 1.6015, and then put the target at 1.5215. At the time of writing this forecast, the EURNZD was trading at 1.5815. There are resistance lines at 1.5900 and 1.5950. These lines are expected to check any bullish threat in the meantime.
Chart: 4 hour

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