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.

EUR/USD appears supported by the 200-day SMA, for now

Following an early pullback to multi-week lows near 1.1670, EUR/USD now manages to reclaim the 1.1700 region as the NA session draws to a close on Monday. The steep retracement in spot follows the equally strong move higher in the US Dollar, as investors continue to assess the geopolitical landscape in the wake of the US and Israel attacks on Iran.

GBP/USD hits new yearly lows near 1.3300

GBP/USD adds to the recent bearish tone, approaching to the key 1.3300 support to reach fresh YTD troughs against the backdrop of the robust performance of the US Dollar. Indeed, Cable’s decline comes amid the firm demand for the safe-haven space in the wake of the US and Israel attacks to Iran.

Gold eases some ground, approaches $5,300

Gold now surrenders part of the earlier advance, reshifting its attenton to the $5,300 zone per troy ounce at the beginning of the week. Indeed, the yellow metal’s firm performance appears propped up by incresing geopolitical jitters in the Middle East, which at the same time fuels the demand for the safe-haven space.