EURNZD – Since April this year the quotations have been moving in the growth channel, reaching the maximum level of 1.7195 on 23.05. The quotations on the following days fell and overcame the support of the channel. Currently the price has started to rise again and has reached the defeated support, which is now for the price a resistance.
On chart H4 (below) we can see the formation of Outside Bar. Since the OB has formed at a fairly important level, defeating one of the extremes of the mother candle can indicate a further direction for the quotes of the pair.
A maximum has been formed on the MACD and the oscillator is decreasing. According to the PA+MACD strategy there is a high probability that the price will go south. The supply target may be the nearest support level of 1,7040 and possibly the demand zone starting at 1,6980.
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