EUR/NZD: Upside parallels should pave the way for a sustained rally - Natixis

Micaella Feldstein, Research Analyst at Natixis, notices that upside parallels have emerged on the daily chart and the weekly indicators have turned around for EUR/NZD cross, paving the way for a sustained rally in the next few days.

Key Quotes

“Against this backdrop, dips towards the supports at 1.50-1.5020 (weekly Bollinger moving average) will be seen as corrective ahead of a new leg higher to 1.5374-1.5393 (weekly Bollinger upper band). The break of the latter would be needed to initiate a larger rally to 1.5516 (50-week moving average), to 1.5795 (9-quarter moving average) and to 1.58901.5910 (monthly Bollinger moving average). The supports stand at 1.50-1.5020, at 1.4940, at 1.4840 and at 1.4620.”