EURNZD Wave Analysis – 05 April, 2019

EURNZD rising inside ABC correction (ii)

Further gains are likely

EURNZD continues to rise inside the short-term ABC correction (ii) – which started earlier from the key multi-month support level 1.6320 (which stopped the extended downtrend in December) – strengthened by the lower daily Bollinger Band.

The price earlier broke the resistance trendline of the daily down channel from January – which strengthened the bullish pressure on this pair.

EURNZD is expected to rise further and re-test the next resistance level 1.6770 (top of wave 2 and the target price for the completion of the active ABC correction (ii)).

Source: FxPro