EUR/NZD Price Analysis: Bulls eye a break of daily highs

EUR/NZD sits in the bullish territory ahead of the Fed.
The bulls need to break hourly highs for a continuation to the upside.

Ross J Burland FXStreet

EURNZD is consolidating the bullish close from Tuesday's business in quiet pre-Federal Reserve announcement market conditions.

With that being said, there are prospects of a bullish continuation according to the market structure as follows:

Daily chart

The daily close was bullish and an upside extension is on the cards so long as the price can hold in the region of May wicks.

Failing that, a Fibonacci retracement to the 50% mark of the daily bullish impulse meets the prior highs as a confluence target to the downside.

Hourly chart

Supported by the 10-EMA, the bulls need to get above the latest hourly highs for the prospects of an upside continuation to unfold.

15-min chart

It's a slow burn out there ahead of the Fed but the 15-min chart is poised for a bullish break and through resistance from the 10-EMA.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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