Daily Price Action

EURNZD Reacts to 1.6830


On Saturday, I discussed an upcoming opportunity on the EURNZD.

Last week carved a bearish pin bar following the retest of a trend line that extends from the March 2019 low.

Here is a view from the weekly time frame:

EURNZD bearish pin bar on the weekly time frame

It’s a textbook example of former support becoming new resistance.

One thing I pointed out on Saturday was the 50% retracement of last week’s range.

That level is 1.6830, give or take a few pips.

So far, Tuesday’s high is 1.6828, and sellers are doing their part to keep it that way.

Here is the EURNZD segment of the latest forecast video:

Another level I discussed on Saturday is the bottom of a short-term ascending channel that began at the end of December.

As long as EURNZD is above this channel support near 1.6775 on a daily closing basis, the area will continue to attract buyers.

The “daily closing basis” refers to the 5 pm EST close when using New York close charts. Get access to the same Forex charts I use today.

That said, last week’s price action looks relatively bearish.

A daily close below ascending channel support would open the door to the recent swing lows near 1.6620 and perhaps 1.6570.

Alternatively, a break above last week’s high at 1.6919 would negate the bearish outlook.

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EURNZD ascending channel on the daily time frame

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Justin Bennett says

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ali says

Thanks for the update sir justin.

Colin de Ste Croix says

Hi im looking at the NZD/CHF and I can see a rising trend line from sept 30 to Nov 13 which has been broken in the past 2 days??. That pair looks bearish?!!!!
And anybody short Eur/Chf??

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