analysis

EURNZD analysis for 07.11.2018

Today there will be ECB Non-Monetary Policy Meeting and New Zealand has released Unemployment Rate.
The support rests at 1.68940 with resistance at 1.70380 which both lines are below the weekly pivot point at 1.72270. The EMA of 10 is moving with bearish bias in the descendant channel and it is below the EMA of 200 and the EMA of 100. The RSI is moving in oversold area, the MACD line is below the signal line in the negative territory and the Stochastic is moving in low ranges. The ADX is showing sell signal. The price is below the Ichimoku Cloud and above the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a downward trend.
While indicators are showing downward pressure, the support line seems to be too strong to be broken. Long positions are recommended towards 1.705.

eurnzd
Source: fxglory