EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/NZD reversed from support area
2019-11-11 • Updated
- EUR/NZD reversed from support area
- Next buy target - 1.7000
EUR/NZD previously reversed up from the support zone lying between the support level 1.6670 (former resistance level from September) and the 50% Fibonacci correction of the previous minor upward impulse (i) from the middle of September. The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Piercing Line. EUR/CHF is expected to rise toward the next buy target at the next resistance level 1.7000 (top of the minor corrective wave (b)).
A comparative examination of the strength of the US-Dollar often gives tangible insight into the direction of Gold (XAUUSD). The chart above indicates the expectation of a bullish price reaction from the demand zone
The US Dollar has been remarkably sluggish for the past few weeks despite being within a distinct Demand zone. My expectation of a springing rebound off the demand zone has not exactly played out yet, however, the zone remains unbroken.
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances