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

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

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

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.