Comprehensive EUR/NZD Analysis for October 11, 2023

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the EUR/NZD for 11th October 2023. 

Key Takeaways 

• Pay attention to governors’ speeches: Many Fed governors will speak in public today and pay attention to potential monetary policy attitudes. 
• The Palestinian-Israeli conflict supports the US dollar: The recent instability in the Middle East may provide support for the recent weakness of the US dollar, and the euro will be relatively suppressed. 
• The RBNZ would hike rates this year: New Zealand’s strong immigration and expansionary fiscal policies this year have weakened the impact of the current interest rate level of 5.5%. The market expects the Reserve Bank of New Zealand to raise the official cash rate to 5.75% in November. 

Technical Analysis 

Daily Chart Insights 

• Price action: the bar yesterday closed into a Pin Bar, which is a strong bearish signal. The market has greater downward momentum today. However, it is worth noting that if the market breaks through yesterday’s high, it will be another breakthrough price action, and the market will most likely start a bullish trend this week. 
• 240-day moving average: The exchange rate has adjusted at the 240-day moving average for two days in the previous period. There is a certain probability of breaking through this support level today.

1-Hour Chart Analysis 

• Stochastic Oscillator: Technical indicators have shown the upward trend and the market has a certain rebound momentum in the Asian session. For the rebound to turn into an upward reversal, it is necessary to cooperate with the price trend to break through the moving average suppression. 
• Moving average : The current rebound of EURNZD is blocked by the blue 17-period moving average and the 33-period moving average. Before breaking through this resistance, the entire trend is still judged to be a rebound. 
• Support level: If the subsequent price falls below the intraday low of 1.75284, today’s upward trend will be confirmed as a rebound, and you can pay attention to entry opportunities at that time. 

Pivot Indicator 

• According to the pivot indicator in Ultima Markets MT4, the central price of the day is established at 1.75552, 
• Bullish Scenario: Bullish sentiment prevails above 1.75552, the first target is 1.76025, and the second target is 1.76801 
• Bearish Outlook: In a bearish scenario below 1.75552, first target 1.74776, second target 1.74283. 

Conclusion 

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Disclaimer   

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