Since the past weeks, nzd is specially damage against all the pairs. One example is EURNZD.
After doing a double bottom on the support zone, the price has turn up fastly, breaking all the resistance of the short term. Now is trying to climb, but the resistence of 1.71000 is very hard. We can see that MA 200 is in that zone, as well as the tripled zeros 000´s. This two characteristics mean that the price is in a very psychological area.
Although all this info, we can analyze that the buyers are stronger now, because the price is doing a perfect ABC Elliot Wave with a retracement of 38.2%. If it carries on, it could reach 1.7400-1.7500 levels without excessive problems
After doing a double bottom on the support zone, the price has turn up fastly, breaking all the resistance of the short term. Now is trying to climb, but the resistence of 1.71000 is very hard. We can see that MA 200 is in that zone, as well as the tripled zeros 000´s. This two characteristics mean that the price is in a very psychological area.
Although all this info, we can analyze that the buyers are stronger now, because the price is doing a perfect ABC Elliot Wave with a retracement of 38.2%. If it carries on, it could reach 1.7400-1.7500 levels without excessive problems
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