EURNZD exchange rate trying to build on its recent break above a downtrend line

When it comes to commodity and trade-related currencies getting the best Euro exchange rate and timing any deal go hand in hand. EURNZD had been under the influence downtrend that dates back to early March 2020.

1.6293 was the midterm low point for the rate and was posted back in late February this year.

However, we have recently seen a move above the downtrend line and have moved back above 1.70 though there is some resistance at 1.7123/4 that needs to be overcome if we are to move higher still.

Gains of over +3.0% during the last quarter suggest that momentum has moved to the upside as does the fact that there have been 3 new highs over that period.

To sustain current and further upside moves the rate needs to remain above the 20, 50 and 200-day Moving Averages found at 1.6903,1.6825 and 1.7036 respectively.

If it can do that and get through 1.7124 then we can target 1.7347 (the six month high) and then 1.7449 thereafter, over the medium to longer term.

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