Comprehensive EUR/NZD Analysis for October 13, 2023
In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the EUR/NZD for 13th October 2023.
U.S. CPI Rose: U.S. CPI rose for the second consecutive month in…..
Key Takeaways
- U.S. CPI Rose: U.S. CPI rose for the second consecutive month in September, which may support the Federal Reserve’s intention to keep interest rates higher for a longer period of time.
- New Zealand Manufacturing Index: New Zealand’s manufacturing performance index continued to decline in September, with the index in September being 45.3, compared with the previous value of 46.1. It highlights that New Zealand’s manufacturing industry remains sluggish.
- Speech by the chairman of the RBNZ: Governor Adrian Orr recently stated that the RBNZ interest rates need to remain tight in the foreseeable future. This lowered previous market expectations that the RBNZ would keep interest rates unchanged in November.
EUR/NZD Technical Analysis
EUR/NZD Daily Chart Insights
- Price action: The price finally breakthrough pin bar above. As analyzed on Wednesday, the market will most likely start a bullish trend this week, and is about to form a “W-shaped” bottom structure.
- Moving average: From the perspective of moving average technical indicators, the exchange rate was eventually blocked and rebounded on the 240-day moving average. The 33-day and 63-day moving average is near the resistance area of 1.78238. There is a certain probability that the exchange rate will be blocked and adjusted today.
EUR/NZD 4-Hour Chart Analysis
- Stochastic Oscillator: Technical indicators show that the market has been seriously overbought, and the market has strong motivation to adjust.
- Moving average: Above the price is the 200-period moving average. Similar to the daily chart, the combined resistance area will suppress the exchange rate from rising further.
- Elliot Wave: The rapid rise since yesterday is currently judged to be motive wave 3. After the correction, the exchange rate has a certain probability of stepping back on the upper edge of the upward channel. It is also the moving average support level in the 65 and 33 period areas.
Pivot Indicator
- According to the pivot indicator in Ultima Markets MT4, the central price of the day is established at 1.77224,
- Bullish Scenario: Bullish sentiment prevails above 1.77224, the first target is 1.78287, the second target is 1.78902.
- Bearish Outlook: In a bearish scenario below 1.77224, first target 1.76614, second target 1.75563.
Conclusion
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