EURNZD Consolidation
The EURNZD had approached the Swing High of August 2023 at 1.8463 , and retraced
to the Demand Zone at 1.8070 ( which is now mitigated) .
The VSA shows the Buyers are in control and RSI is printing in the Buy Level.
The fresh Supply Zone above is the target for early next week at 1.8410-1.8450.
It is not likely a major Long Standing Supply Zone at 1.8460 - 1.8470 will be broken so easily.
A consolidation, with an eventual breakout/retest , is more likely. This can be seen with
the Coiling of the Weekly VWAP and the 20/50 MAV.
As price and the 50 MA are above the 200 MAV, the outlook is Bullish.
to the Demand Zone at 1.8070 ( which is now mitigated) .
The VSA shows the Buyers are in control and RSI is printing in the Buy Level.
The fresh Supply Zone above is the target for early next week at 1.8410-1.8450.
It is not likely a major Long Standing Supply Zone at 1.8460 - 1.8470 will be broken so easily.
A consolidation, with an eventual breakout/retest , is more likely. This can be seen with
the Coiling of the Weekly VWAP and the 20/50 MAV.
As price and the 50 MA are above the 200 MAV, the outlook is Bullish.
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