EUR/NZD: buy target - 1.4800
By: Dima Chernovolov
- EUR/NZD broke strong resistance level 1.4500
- Next buy target - 1.4800
EUR/NZD yesterday rose sharply inside the (c)-wave of the active minor ABC correction 4 – which started earlier this month, when the pair reversed up from the strong round support level 1.4000 (as can be seen from the daily EUR/NZD chart below). The (a)-wave of this ABC correction earlier broke the resistance trendline of the daily down channel from the start of February and the resistance level 1.4200. The price corrected shortly in the next (b)-wave to test this price level (acting as support now after it was broken) – after which it reversed sharply up.
EUR/NZD yesterday broke the strong resistance level 1.4500. The price is likely to rise further toward the next buy target 1.4800 (former pivotal support from January).