eurnzd sell tradeHere’s a bearish technical analysis for the EUR/NZD on the H4 (4-hour) timeframe:
Trend Analysis:
The pair has been showing signs of a potential downtrend, with lower highs and lower lows forming on the chart.
Moving Averages:
The 50-period and 200-period moving averages are key indicators. If the 50-period MA crosses below the 200-period MA, it could signal a bearish trend (known as a “death cross”).
Resistance Levels:
Key resistance levels to watch are around 1.8315 and 1.8350. If the price fails to break above these levels, it could reinforce the bearish sentiment.
Support Levels:
Immediate support is around 1.8200. A break below this level could accelerate the bearish move towards 1.8100.
Technical Indicators:
Relative Strength Index (RSI): If the RSI is below 50 and trending downwards, it indicates bearish momentum.
Moving Average Convergence Divergence (MACD): A bearish crossover (MACD line crossing below the signal line) supports the bearish outlook.
Stochastic Oscillator: If the stochastic lines are in the overbought region and start to cross downwards, it suggests a potential bearish reversal.
Candlestick Patterns:
Look for bearish candlestick patterns such as the “bearish engulfing” or “evening star” near resistance levels to confirm bearish sentiment.
Volume Analysis:
Decreasing volume on upward moves and increasing volume on downward moves can confirm the bearish trend.