The EUR/NZD is showing a nice bearish set-up although some more confirmation would be ideal before taking a position. The pair has formed a flag-shaped pattern on the daily chart and within this flag we have now climbed to the upper channel line just above the current 1.6550 level. Momentum and Chaikin Money Flow are diverging strongly adding to the bearish indications and there is resistance from last week's spike highs and the monthly and weekly pivots. The pair will probably fall initially to 1.6450 and then if stronger to the bottom of the channel at 1.6000.
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