The EUR/NZD has formed a bullish X cross exactly at 1.7070. We will see a breakout if the price breaks and closes above it.
X-Cross is a cross of the trend line and important pivot point. In this case we see a red trend line and D H4 camarilla pivot. A break of the X Cross suggests more bullish price action towards 1.7110 and 1.7138. However, traders should also watch for the POC zone 1.6994 – 1.7010 as the price might also bounce from that zone. If we see the break of 1.6970, then a deeper retracement should happen towards 1.6902, which is a weekly L3 camarilla pivot.
The analysis has been done with the CAMMACD.MTF template.
For more daily technical and wave analysis and updates, sign-up up to our ecs.LIVE channel.