Technical Analysis – EURNZD negative bias fades amid an overall bearish outlook
The waning negative momentum is also supported by the short-term momentum indicators, as the RSI is increasing but remains below its 50 neutral mark, while the MACD is found below zero and above its red signal line.
Should the price break above its 1.6324 resistance, the bulls might then target the 1.6392 level. Any advancements beyond that level could pave the way towards the 50-day SMA, currently found at 1.6487. Breaching this barrier could induce further buying activity, sending the price towards the 1.6651 obstacle before testing the 200-day SMA, currently located at 1.6733. Moving higher from that level could turn the cards around for the pair, turning its outlook to positive.
On the flip side, if the price breaks below the 1.6244 support, the bears might then target the 1.6148 barrier. A further descending movement from this point could intensify selling pressure, sending the price to test its 1.6079 level. Breaching this obstacle too could open the way towards its August 2017 low of 1.5993, which if breached, could strengthen the pair’s negative momentum.
In brief, the overall outlook for the EURNZD is bearish with a fading negative bias. However, this might change if the price breaks above its 200-day SMA, turning its outlook to positive, while breaking below the August 2017 low could reinforce the pair’s negative momentum.
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