Technical analysis of NZD/CHF
EUR/NZD looking for a bullish consolidation
EUR/NZD has been doing a retracement from the highs of May 15th and it’s challenging the Fibonacci area of 65% at 1.7073, where the bulls are trying to push higher to the pair in order to ride the overall structure. It should provide the enough momentum to go for a breakout above 1.7292. If that happens, then the focus will shift to the Fibonacci area of -23.6% at 1.7371. However, if the lows from May 17th give up, then it can plummet towards 1.6955.
RSI indicator stays slightly in the neutral territory.
If we see a pullback from the lower 'Window', the pair is likely going to test the nearest Moving Averages...
Bearish Ichimoku Cloud with falling Senkou Span A and rising Senkou Span B; a dead cross of Tenkan-sen and Kijun-sen with falling lines.
The picture on W1 looks very much like the “Head and Shoulders” with the neckline at 3.68 or 3.56.