Weekly Technical Analysis Report 7 September – EURNZD played out nicely, pullback on EURUSD presents an opportunity to sell
Weekly Technical Analysis Report 7 September – EURNZD played out nicely, pullback on EURUSD presents an opportunity to sell
1. Last week’s outlook on EURNZD: Pullback presents an opportunity to sell
On the monthly time frame, EURNZD remains under pressure with a breakout and re-test of its previous ascending support line. Looking at the H2 time frame, prices remain under pressure, holding well below its resistance zone at 1.69500 area, in line with the 50% Fibonacci retracement. A pullback to test this area presents an opportunity to play the drop to the next support target at 1.6650 support zone .
EURNZD Charts (Note: Coloured candles represent our projection)
Before:
After:
2. This week’s outlook on EURUSD: Bearish play seen
On the H4 time frame, prices are testing a key resistance zone, in line with the graphical high, with further downside seen below this level. On the M30 time frame, a pullback to test its resistance zone at 1.18888, in line with the 78.6% Fibonacci retracement and 127.2% Fibonacci extension presents an opportunity to play the drop to the next support target at 1.18450, in line with the -27.2% Fibonacci retracement.
Outlook on EURUSD: Bearish play seen by Salzworth on TradingView.com
