As wide range currency pairs are analyzed to long term targets, the problem with movements is current prices are surrounded by vital MA’s and stuck in 200 pip ranges. This again explains why USD Vs Non USD pairs are driving currency markets and contains wider ranges.
For EUR/NZD the price path is clear. Above requires a break at 1.6795, 1.6840, 1.6851 then 1.7042 and 1.7048. Overall strategy on the long side is long on a break at 1.6851 to target 1.7042 area and overall range from 1.6851 to 1.7042.
Below, EUR/NZD from current 1.6703 trades just above the 5 year average at 1.6693. Break lower at 1.6693 targets the range from 1.6693 to 1.6458 and first target at 1.6575.
Failure to break the 5 year average at 1.6693 then range remains at 1.6693 to 1.6795
NZD/USD from current 0.7258 trades just below the 15 year average at 0.7268 then the 10 year average at 0.7348. Both EUR/NZD and NZD/USD are at crucial inflections points.