- EUR/NZD is showing signs of an upside correction on the weekly time frame.
- The price on the daily time frame is in the throes of a bullish H&S.
EUR/NZD has been carving out a bullish pattern on both the weekly and daily time frames and the following is a top-down analysis that illustrates where the next swing trading opportunity might play out.
Weekly chart
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The M-formations are expected to draw in the bid towards a confluence of Fibonacci retracements and prior structure.
Daily chart
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The reverse head and shoulders is a bullish pattern that will be completed on an upside continuation.
Bulls can target a daily Fibo retracement of the prior correction which meets resistance according to a volume profile analysis.
4-hour chart
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Bulls will want to see the trendline resistance broken and recent structure restested for an optimal entry point.
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