100 hour MA below and ceiling above. Swing level on the weekly in play.
For something different (actually a request), the EURNZD is facing a crossroad.
Looking at the weekly chart above, going back to September 2017, the 1.7473-85 area is home to weekly highs and lows (see red circles). This week, the price has been trading above and below the area (and is currently above at 1.7500). The prior two weeks used the level as a ceilling. So technically, staying above is more bullish. Moving below is more bearish. That is the crossroad on the weekly chart....
Drilling to the hourly chart below, the technical story today is highlighting the battle from the weekly. Looking at the chart below, the high for the day stalled against a swing high going back to August 7th at 1.7574. That high was broken on Monday, but quickly reversed (high reached 1.75909). The climb back higher today, stalled at the old August 7th high and backed off.
On the downside today, the low stalled at a swing low from yesterday AND the 100 hour MA AND the 38.2% of the move up from the August 15 low at 1.7441. Key support area. That is below the levels on the weekly chart of course, but the price bounced and currently trades above the weekly crossroad level.
So in summary, the market is battling and the tide is swinging back and forth. Right now, with the price above the 1.7473-85 area, the tilt is higher, but it needs to stay above, and then get above that ceiling on the hourly chart at 1.75736-909 area to send the price higher.
Failure to do that and a move back below the the 1.7473 level, would tilt the bias back down where traders will need to get below the 1.7441 level.
Ding. Ding. Ding. Let the buyers and sellers go another round until this fight is decided...
