Is EURNZD on the way down?

FX:EURNZD   Fx Euro/Dolar New Zealand
This is a very busy chart, but there are quite a few things I want to point out.

You can see the large pitchfork on the chart. As you can see we are getting near the bottom of it. You might also see that a Fib on there. We're very close to the 78.6 level.

Now if you look really close, there are other lines in there. The bright light blue is a Simple Moving Average 100. The purple is a MA 50. Yellow MA 34.

Now, why might it go down?

  • We are nearing the bottom of the pitchfork on the daily.
  • We've come up to the 100, 50 and 34 level. If you look at what price has done near these levels in the past, you could see signs of a drop.

How far could it go down? The MA 200 is sitting at 1.6500. Since MA 200 could be considered a 'fail safe' type of line, then we could consider 1.6500 a place the price could go down to.

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