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Monday, August 5, 2013

EUR/NZD TECHNICAL ARTICLE ON AUGUEST 05






EUR/NZD pair has shown its uptrend on daily bar handle sticks for the last week. The sequential uptrend has given more than 500 pips on last week. 

This tremendous trend had been achieved its high resistance of 1.71527 since this year. At this point, we can expect a trend reversal in favor of NZD. At the beginning of this week, the market has made a runaway gap against NZD. 

Thus, we can blindly believe over this trend reversal to attain its future support. There will be more chances to retrace towards the short. Thus the price pattern will be moving against EURO. The expecting support point will be 1.69541 and it should be achieved. 

Before that, we may face island reversal for some occasion to prove the market stability. But, once the trend crossed its pivot value then the trend will be moving to achieve its support. 

The technical indicators are showing confident about the sell trend until it hit its support.

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