EUR/NZD Price Analysis: Bulls eye a break of daily highs
- EUR/NZD sits in the bullish territory ahead of the Fed.
- The bulls need to break hourly highs for a continuation to the upside.
EURNZD is consolidating the bullish close from Tuesday's business in quiet pre-Federal Reserve announcement market conditions.
With that being said, there are prospects of a bullish continuation according to the market structure as follows:
Daily chart
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The daily close was bullish and an upside extension is on the cards so long as the price can hold in the region of May wicks.
Failing that, a Fibonacci retracement to the 50% mark of the daily bullish impulse meets the prior highs as a confluence target to the downside.
Hourly chart
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Supported by the 10-EMA, the bulls need to get above the latest hourly highs for the prospects of an upside continuation to unfold.
15-min chart
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It's a slow burn out there ahead of the Fed but the 15-min chart is poised for a bullish break and through resistance from the 10-EMA.