I’ve been following EURNZD price action and it seems like it’s preparing for something big. Looking at the DAILY timeframe we’re currently stuck between key liquidity zone and key weekly resistance at 1.6800.
EMAs are currently being retested and potentially can cross to the upside if price manage to break above mentioned key weekly level.
H2 timeframe showing us a clear range movement. So the easiest way to trade this pair would be to wait for a proper breakout. Although I prefer the upside break, IF price moves to the downside I expect 1.6600 to be retested.
More aggressive traders might look for an entry after strong closure above EMAs while more conservative traders should wait for a proper closure above key weekly resistance.
Wishing you a great trading week ahead!
Matt from Technical FX70