NZD Technicals – Weakness seen against major currencies; 1.55 support for EUR/NZD

EUR/NZD M5

Potential bullish breakout on EUR/NZD as price swing upwards after the bearish break from 1.5475- 1.55 consolidation zone failed. Doji candlestick just before 1.55 implies strong support for the round number, however with election results coming, this 5 min candlestick confirmation may hold little significance against greater risk trends.

NZD/JPY M15

Price hit previous swing low around 66.05 with 66.15 – 66.20 potentially acting as resistance. NZD/JPY traditionally trends very why with risk trends, and we could see price potentially trading flat in wait for further clarity on US election results.

NZD/USD M15

Rising Channel has been broken, with price taking out 0.8265 support in the process. If we were to zoom out on the Hourly Chart, there appears to be a potential Eve-Eve double top forming with 0.823 being the final support which the longer-term DT needs to break to be validated.

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