Comprehensive EUR/NZD Analysis for October 13, 2023

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the EUR/NZD for 13th October 2023. 

U.S. CPI Rose: U.S. CPI rose for the second consecutive month in…..

Key Takeaways 

EUR/NZD Technical Analysis 

EUR/NZD Daily Chart Insights

• Price action: The price finally breakthrough pin bar above. As analyzed on Wednesday, the market will most likely start a bullish trend this week, and is about to form a “W-shaped” bottom structure. 
• Moving average: From the perspective of moving average technical indicators, the exchange rate was eventually blocked and rebounded on the 240-day moving average. The 33-day and 63-day moving average is near the resistance area of 1.78238. There is a certain probability that the exchange rate will be blocked and adjusted today. 

EUR/NZD 4-Hour Chart Analysis

• Stochastic Oscillator: Technical indicators show that the market has been seriously overbought, and the market has strong motivation to adjust. 
• Moving average: Above the price is the 200-period moving average. Similar to the daily chart, the combined resistance area will suppress the exchange rate from rising further. 
• Elliot Wave: The rapid rise since yesterday is currently judged to be motive wave 3. After the correction, the exchange rate has a certain probability of stepping back on the upper edge of the upward channel. It is also the moving average support level in the 65 and 33 period areas. 

Pivot Indicator

• According to the pivot indicator in Ultima Markets MT4, the central price of the day is established at 1.77224, 
• Bullish Scenario: Bullish sentiment prevails above 1.77224, the first target is 1.78287, the second target is 1.78902. 
• Bearish Outlook: In a bearish scenario below 1.77224, first target 1.76614, second target 1.75563. 

Conclusion

---

Legal Documents 

Ultima Markets, a trading name of Ultima Markets Ltd, is authorized and regulated by the Financial Services Commission “FSC” of Mauritius as an Investment Dealer (Full-Service Dealer, excluding Underwriting) (license No. GB 23201593). The registered office address: 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius. 

Disclaimer   

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.  

Copyright © 2023 Ultima Markets Ltd. All rights reserved.