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EUR/NZD
The EUR/NZD pair abandoned its downward scenario, reversing from support at the MACD line. A consolidation above 1.9778 would coincide with the Marlin oscillator shifting into positive territory, making bullish momentum the primary scenario.
The main growth target lies at the embedded price channel line, around 2.0300. In this case, the 2.0029 level (the August 20 high) becomes the interim target. On the four-hour chart, the price has broken above both indicator lines, with Marlin firmly in positive territory. The pair is preparing for a breakout above resistance at 1.9778.
Today, industrial production data for the euro area will be released for July. The forecast is +0.3% after the previous 1.3% decline. If the data exceeds expectations, the euro may strengthen further against the New Zealand dollar.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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