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EUR/NZD chart on Trading View used for analysis
- EUR/NZD spikes higher on the day as markets await ECB minutes later in the day.
- The pair is trading 0.73% higher a 1.6780 at the time of writing, bias higher.
- Price action has broken above 5-DMA and on the weekly charts, the pair has retraced dip below 110-EMA.
- We see a turn in 5-DMA which is now biased north and bullish divergence on Stochs adds to the bullish bias.
- Stochs and RSI are on verge of rollover from oversold levels and MACD is on verge of bullish crossover on signal line.
- The kiwi is sold-off across the board today. Focus now on ECB minutes.
- If the minutes downplay the recent slowdown in the economy and Italy concerns and reaffirm commitment to end the QE program in December, we may see further upside.
- Scope then for test of 20-DMA at 1.6928. Bullish invalidation likely on retrace below 110W EMA at 1.6660.
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