EUR/NZD reverses recent trend for the New Zealand dollar
EUR/NZD Reverses Recent Trend for the New Zealand Dollar
EUR/NZD reverses the recent trend for the New Zealand dollar. This cross pair shows shifting momentum. NZD weakness fades. Euro gains relational strength. Traders spot potential upside in EUR/NZD.
The EUR/NZD has delivered some excellent trading opportunities across all the timeframes this morning to the short side, following the recent heavily bearish sentiment towards the New Zealand dollar which has seen it weaken against all the major currencies. Indeed longer term the NZD is now looking increasingly oversold, so we may see this trend reflected on the slower timeframe charts in due course.
This Morning's Move
This morning's move was signalled initially with a move below the volume point of control (VPOC) on the 30-minute chart ( the yellow line), a move that was duly supported with rising volume and confirming the bearish sentiment. In addition, the transition in the trend monitor indicator from blue to red also confirmed this reversal, coupled with a pivot...