EurNzd could rise to 1.9- Long term outlook

6 wrz 2023

EurNzd is a very volatile pair and for sure is very risky to trade it in the short term, however, if you take a look at the longer picture and ignore 100+ pips usually daily volatility, you can find pretty nice opportunities. I think this is the case right now...

EurNzd has been in a bull trend for quite some time and from May to August the pair formed a nice ascending triangle which was broken at the beginning of August. A retest of the broken resistance level followed, and a quick reversal after the touch.
Also, this correction from 1.8446 top is a bullish flag and once broken, would suggest continuation. This, correlated with the 1k pips target given by the triangle, could lead to a rise to 1.9.

That being said, I'm bullish EurNzd in the long term and I think the pair will reach 1.9 by year's end.

Happy trading!
Mihai Iacob