- January 7, 2021
- Posted by: cabana-admin
- Category: forex trading, Market Insights
Overview: EUR/NZD has been carving out a bearish pattern on both the weekly and daily time frames and the following is a top-down analysis that illustrates where the next swing trading opportunity might play out. The downward side fall can be expected in the market. the market leads to its bearish side. Bears can target the 1.6748 support level and more downfall can be expected in the chart. The pair is getting the lower lows in the market. the pair gives a bearish outlook on the market.
The Euro vs. the New Zealand Dollar. The New Zealand dollar had performed well against the Euro recently because it is often considered to be a proxy for Chinese growth. Eurozone weakness may limit any significant reversal if concerns about Chinese growth occurs as the country shifts from export lead growth. The pair travels in the low channel pattern. The sellers can make their investment towards the sell-side in the market. The pair shows lots of negative volatility in the market. the bears show their aggressiveness in the market and taking the market towards the set side in the market.
Technical Analysis: We can conclude technically that the market shows leads more to the downside in the market. the pair shows lots of bearishness in the market. the market makes its side more towards the sell-side. The price is moving even more downtrend and is expected towards the more 1.6748. On the daily chart, we can see the market travels towards its sell-side in the market.
The bears are playing at the front foot in the market and indicators are also creating the sales signals in the market. The RSI also leads to below 50 levels in the market and the MACD will also lead to below the zero levels which create the sell signals in the market. The support level of the market is 1.6831 followed by 1.6750 and resistance is 1.6980 followed by 1.7078. So, we suggest also sellers sit on the sell-side in the market.
Trade idea: Based on the chart and analysis we would suggest that go for sell at the level 1.6913 and target will be 1.6750 -1.6624 and stop loss will be 1.7130.
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