EUR/JPY broke key support level 131…
EUR/NZD broke key resistance level 1.6200
- EUR/NZD broke key resistance level 1.6200
- Next buy target - 1.6600
EUR/NZD continues to rise after the earlier breakout of the key resistance level 1.6200, which reversed the previous waves A and (iii) and which was set as the buy target in our earlier forecast for this currency pair. The breakout of the resistance level 1.6200 greatly accelerated the active minor impulse wave (v) – which belongs to the wave C from the end of June. EUR/NZD is expected to rise to next buy target at the next resistance level 1.6600 (target price for the termination of the active impulse C).
There isn't any reversal pattern so far. If the 21 MA acts as resistance, we're likely going to have just another decline...
Expanding bullish Ichimoku Cloud with rising Senkou Span A; a cancelled golden cross of Tenkan-sen and Kijun-sen; the prices are returned to the support of Tenkan and Kijun and may go higher.
Narrow bearish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the Bulls can’t breaking out the resistance of upper border of the Cloud and the market may return to 113.00.