{"id":51841,"date":"2014-05-27T08:10:52","date_gmt":"2014-05-27T12:10:52","guid":{"rendered":"http:\/\/countingpips.com\/?p=51841"},"modified":"2014-05-27T08:10:52","modified_gmt":"2014-05-27T12:10:52","slug":"eurnzd-downtrend-in-jeopardy-above-1-6020","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/05\/eurnzd-downtrend-in-jeopardy-above-1-6020\/","title":{"rendered":"EUR\/NZD Downtrend in Jeopardy Above 1.6020"},"content":{"rendered":"<div id=\"inves-1652511557\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">May 27, 2014<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>Technical Sentiment: <span style=\"color: #008000;\"><strong>Bullish<\/strong><\/span><\/p>\n<p><strong>Key Takeaways<\/strong><\/p>\n<ul>\n<li>Lower than expected Trade Balance didn\u2019t help the Kiwi;<\/li>\n<li>ANZ Business Confidence due on Tuesday evening;<\/li>\n<li>Downtrend might reverse above 1.6020<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\"><em>NZD continues its slide against the majors, most recently due to a lower than expected Trade Balance which came in at 534M vs 636M. In EUR\/NZD\u2019s case, this year\u2019s downtrend could completely reverse if the pair jumps over the hurdle at 1.6020. The necessary trigger could be a decline in ANZ Business Confidence on Tuesday evening or upbeat EUR data on Wednesday, more specifically a decrease in German Unemployment.<\/em><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Technical Analysis<\/strong><\/p>\n<p><strong> <a href=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/05\/EURNZD-27th-May.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-3503\" src=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/05\/EURNZD-27th-May.png\" alt=\"EURNZD 27th May\" width=\"700\" height=\"343\" \/><\/a><\/strong><\/p>\n<p style=\"text-align: justify;\">EUR\/NZD is trading around 1.5966, in close proximity of 1.6019 \u2013 21<sup>st<\/sup> May swing high. This particular swing high is the most recent high in a bearish configuration. Additionally, it is backed up by the 200 Simple Moving Average on the 4H time frame and a Fibonacci confluence (50% and 61.8% on May\u2019s swings). The pair is no longer pressured by the Daily downtrend since the double bottom reversal pattern around 1.5762, which brings up the possibility of a larger trend correction or even reversal.<\/p>\n<p style=\"text-align: justify;\">A rally above 1.6019 will invalidate the Lower High \u2013 Lower Low bearish configuration from the last few weeks, opening the way higher toward 1.6171 (the level will soon coincide with the 100-Day Simple Moving Average) and 1.6283 (2014\u2019s main pivot zone). Daily Stochastic has exited oversold territory after the double bottom pattern, suggesting the bullish cycle is underway right now.<\/p><div id=\"inves-1538564803\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p style=\"text-align: justify;\">This bullish scenario will be invalidated if EUR\/NZD continues to trade below 1.6000 in the coming days. A break-down below 1.5910 suggests weakness and a third test of the support area at 1.5748\/64.<\/p>\n<p>*********<\/p>\n<p><em>Prepared by Alexandru Z., Chief Currency Strategist at <\/em><a href=\"http:\/\/www.capitaltrustmarkets.com\/\"><em>Capital Trust Markets<\/em><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Technical Sentiment: Bullish Key Takeaways Lower than expected Trade Balance didn\u2019t help the Kiwi; ANZ Business Confidence due on Tuesday evening; Downtrend might reverse above 1.6020 &nbsp; NZD continues its slide against the majors, most recently due to a lower than expected Trade Balance which came in at 534M vs 636M. In EUR\/NZD\u2019s case, this [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-51841","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/51841","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=51841"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/51841\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=51841"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=51841"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=51841"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}