EURNZD forex technical analysis | Our expectations:
A downward trend like a flag breakout allows us to look for new short positions with SL 1.6806.
Price below moving averages SMA50 and SMA200 in bearish formation.
Possibility for Three black crows formation – a trend confirming pattern- a negative signal.
DeM (14) is likely to go below 0.3 in an oversold zone to accelerate the downward momentum.
Alternative scenario: Returning the price above the resistance and back to the flag formation will break the negative scenario.
Trader Nikolay Georgiev