Hello Great Traders,
It’s Friyaaaay market analysis… Let’s hit the market
1. EUR/NZD
EUR/NZD is currently facing a key resistance level within a descending channel.
EUR/NZD was analysed on our Tuesday analysis. If you missed it, you can check it out here. After the daily breakout last week Friday, the bears got tired after hitting a minor support level (1.67350) and started the week with a bullish run.
Presently on the 4 hours chart, price formed a bearish engulfing candlestick, also, the key resistance level (1.69133) has a huge significance because there is another resistance level (1.69714) which was a former support level within the expanding pennant.
If price succeeds in breaking out from the present resistance level, it may get trapped within 1.69133 and 1.69714. If price decides to reverse at the current price level, we may most likely see support level 1.67391.
Exercise great caution if trading this pair.
So, we finally conclude our analysis for the week.
Thanks ladies and gentlemen for staying with us.
Wishing you all great weekend
