EUR/NZD: Bollinger Offering Support
ICN.com | Mar 25, 2015 07:44AM ET
The daily chart of EUR/NZD pair shows that prices have been controlled by a descending channel after topping out in February 2015 at 1.5815.
Recently, the pair has met the lower line of this channel where Bollinger bands’® lower line has offered some kind of support pushing it to the upside.
A bullish long-legged Doji candlestick was formed after meeting the aforementioned support encouraging us to wait for further appreciation.
Actually, a positive divergence was formed on RSI14; that may assist traders to re-experience the upper line of the channel and they may extended their re-test to SMA20 areas.
The 1.4120 boundaries should protect any long positions.
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