NZD Technicals – Weakness seen against major currencies; 1.55 support for EUR/NZD



Potential bullish breakout on EUR/NZD as price swing upwards after the bearish break from 1.5475- 1.55 consolidation zone failed. Doji candlestick just before 1.55 implies strong support for the round number, however with election results coming, this 5 min candlestick confirmation may hold little significance against greater risk trends.



Price hit previous swing low around 66.05 with 66.15 – 66.20 potentially acting as resistance. NZD/JPY traditionally trends very why with risk trends, and we could see price potentially trading flat in wait for further clarity on US election results.



Rising Channel has been broken, with price taking out 0.8265 support in the process. If we were to zoom out on the Hourly Chart, there appears to be a potential Eve-Eve double top forming with 0.823 being the final support which the longer-term DT needs to break to be validated.


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