EUR/NZD Channel Up - Before Draghi's Speech
The choice to review the EUR/NZD pair was made due to the rather high demand for it during the recent 24 hours on the Swiss Foreign Exchange and the fact that it does not involve the US Dollar.
From a technical perspective the rate is set to decline during the next 24 hours, as it faces strong resistance from 1.6365 to 1.6481 levels, and there is no support as low as 1.6230 mark.
However, the rate can still be influenced by the speech of Mario Draghi at 19:00 GMT in Jackson Hole. Although, the ECB President is most likely going to be bullish, as he has been pressured by the heads of the EU to stop with the QE, which could provide the needed push through the resistance levels.
From a technical perspective the rate is set to decline during the next 24 hours, as it faces strong resistance from 1.6365 to 1.6481 levels, and there is no support as low as 1.6230 mark.
However, the rate can still be influenced by the speech of Mario Draghi at 19:00 GMT in Jackson Hole. Although, the ECB President is most likely going to be bullish, as he has been pressured by the heads of the EU to stop with the QE, which could provide the needed push through the resistance levels.