Towards the end of July '20, EUR/NZD found itself back inside its monthly ranging channel (1) as the EURO continues to advance against the New Zealand Dollar (NZD). EUR/NZD bulls managed to overcome significant resistance which was capped by the 200 SMA on the 29 May ‘20, and are now within spitting distance of testing the top side of the Rising Wedge pattern (2). This currency pair will most likely experience increased buying pressure above 1.8060s (2) with a view to re-test May ‘20 highs 1.8265.0. A break below the Rising Wedge pattern (3) negates this upward outlook.
Towards the end of July '20, EUR/NZD found itself back inside its monthly ranging channel (1) as the EURO continues to advance against the New Zealand Dollar (NZD). EUR/NZD bulls managed to overcome significant resistance which was capped by the 200 SMA on the 29 May ‘20, and are now within spitting distance of testing the top side of the Rising Wedge pattern (2). This currency pair will most likely experience increased buying pressure above 1.8060s (2) with a view to re-test May ‘20 highs 1.8265.0. A break below the Rising Wedge pattern (3) negates this upward outlook.