Weekly Technical Outlook: EUR/NZD; Market Forecasts for June 8th – June 12th

  • Stop loss 1.5916
  • Entry level 1.5696
  • First Target at 1.5471
  • Next targets to test at 1.5393, 1.5304

Weekly Technical Outlook: EUR/NZD; Market Forecasts for June 8th – June 12th

Weekly Technical Outlook: EUR/NZD; Market Forecasts for June 8th – June 12th

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Technical Analysis

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EUR/NZD’s rebound was limited below 1.5824 resistance and it remained stuck and dropped further down at the end of the week’s trading. Initial bias stays bearish this week first. Break of 1.5696 will revive the case on the down trend and confirm the shift in movement. A break of levels should decline to 1.5471 levels and will extend to 1.5393 and later 1.5304 if broken strongly with resistance currently at flip area which is holding the upside bias.

The pin bar rejection and the closing of the week indicate that sellers are rejecting current levels and we’d probably see deeper decline to fib level of 38.2.The outlook remains bearish for the week.

Economic

  • Trade Balance, industrial production, export and import
  • CPI, GDP
  • Capacity Utilization rate for the Euro
  • Manufacturing Activity for the Kiwi
  • Interest Rate Decision

Area of Interest

  • The resistance level at 1.5824 levels finding stronger resistance area.
  • Rejection with pin bar at resistance levels also the flip area.
  • Down trend line holding the resistance levels with pin bar closing at end of the week.
  • The 1.5900 levels were price has been rejected strongly.

For more detailed analysis from the author, please visit NoaFX.

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