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Range playas gather ’round! EUR/NZD is testing the 1.7000 range resistance that has been around since March this year.
Can the bears defend the area for another day? Look out for a bounce from the level, which could drag EUR/NZD back down to the 1.6830 mid-range or even the 1.6700 range support levels.
But wait! Don’t discount an upside surprise yet! Demand for the euro could still gain traction and push EUR/NZD to its May highs.
If you do see a clear breakout above the range levels, then you can also design trading plans around a trip to previous inflection points like 1.7070 or 1.7200.
In case you missed it, AUD/NZD recently broke a trend line support that the bulls and bears had been respecting since March 2020.
My eyes are now on the current upswing, which could find resistance at the Fib levels that we’re seeing on the daily time frame.
Are we about to see a break-and-retest scenario? Watch the broken trend line resistance as well as the 100 and 200 SMAs and the Fib levels for possible entry opportunities.
A rejection at the 1.0780 – 1.0800 zone could lead to AUD/NZD revisiting its May lows. Heck, we could even see new Q2 2021 lows if the bears get enough momentum!