EUR/NZD May Start Rising

EUR/NZD has been testing the support around 1.6750 for three weeks and although the pair did break out below it that breakout only resulted in the hammer candlestick that formed at that support level on the weekly time-frame. In combination with the pair of inverted hammer candlesticks that have already formed above the aforementioned support level that one is a likely signal for a move to the upside. If the pair does start rising the first target will probably be around 1.7020 – 1.7030. A breakout above that level could in turn lead to a further move to the upside towards the previous high which is at 1.7480, although this is a long-term target.