EURNZD Breaks Above Major 1.7500 Resistance

Wed 12th April 2023 : Daily Forex Price Action

Today we’re looking at Trading Setups in:

• EURNZD
• NZDCHF (Covered in Video)

Today we’re looking at Trading Setups in: EURNZD & NZDCHF (Covered in Video)

NZD tops the day traders table as the weakest currency, giving us an opportunity to sell the currency against stronger ones.

The EUR has emerged on the tables as the second strongest on both, just behind CHF. 

EURNZD has broken above major resistance at 1.7500.

A weekly close above this level would offer us a long opportunity towards the next key resistance of 1.7950.

On the daily chart, we can see price consolidated before breaking higher.

If price returns back to this area and finds support traders could look to go long.

Technical Observations

• The EUR is S2 and NZD is W1 on the day traders table.
• Price has broken through a key high of 1.7500.
• Price is trading above the daily 200 moving average.
• Price could find support back at the key level.
• Buyers will look to target 1.7950.