EUR/NZD may rise 70 - 104 pips

Our pivot point stands at 1.7889.

Our preference

The upside prevails as long as 1.7889 is support.

Alternative scenario

Below 1.7889, expect 1.7830 and 1.7796.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.7909 and 1.7886). Finally, the EUR/NZD has crossed above its upper Bollinger band (1.7950).

Supports and resistances

1.8125 **

1.8090 *

1.8055 **

1.8021

1.7951 last

1.7912

1.7889 **

1.7830 *

1.7796 **

Number of asterisks represents the strength of support and resistance levels.