Tuesday 19 July 2016

Will EUR/NZD Start Falling?




It appears that the move to the upside on the EUR/NZD charts that has been forming ever since the pair formed a double bottom at the 1.5100 level might temporarily stall at the very least, because the pair has formed a shooting star candlestick and a spinning top candlestick on the four-hour time-frame below the resistance at 1.5780. If that signal is valid, then we can likely expect a move to the downside towards target 1.5530, which coincides with (MA)89 on the one-hour time frame. On the other hand, if the pair continues moving to the upside and breaks above 1.5780, its next target will likely be 1.5880.

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