One of my subscribers asked me to review the EUR/NZD pair and here is what I am seeing on the charts. As always, I start with a top-down approach using the monthly time frame and then drill down to the 4hr chart.

EUR/NZD

EUR/NZD monthly: Price action reached a peak for this pair prior to 2009 with the Global Financial Crisis and subsequently declined until 2015. There has been an uptrend in play since 2017 with the print of higher Highs and higher Lows and a support trend line is in place.

EUR/NZD weekly: the weekly chart shows that price action has, more recently, been in pullback mode following the impact of Covid-19 in early 2020. There is a weekly triangle chart in play and note how this is on low momentum. The ADX is below 20 so watch for any trend line breakout that is supported by any move of the ADX above this 20 threshold:

EUR/NZD daily: the daily chart shows that 1.7 is whole-number support so watch this region for any new make or break:

EUR/NZD 4hr: there is a triangle in play on the 4hr chart so watch for any new momentum-based trend line breakout:

EUR/NZD 4hr + Fibonacci: any bullish trend line breakout would bring the 1.76 level into focus as this is near previous S/R and the 61.8% Fibonacci level:

Final thoughts:

• The longer term trend, since 2017, has been UP.
• The Covid induced trend has been DOWN.
• Recent price action is in a consolidation triangle.
• Watch for any 4hr, or even daily, chart momentum-based trend line breakout.