EUR/NZD bullish 'pin bar reversal' off 1.4530; RBNZ shoots down long-kiwi

Currently, EUR/NZD is trading at 1.4728, up +0.08% or 11-pips on the day, having posted a daily high at 1.4734 and low at 1.4716. However, the currency cross reversed a concerning losing streak that bottomed out near 1.4530 handle.  

Today's economic docket had market participants focused on the RBNZ interest rate decision that 'as expected' ended unchanged as the central bank kept a neutral stand due to market uncertainties and a healthy New Zealand economy. Furthermore, during the initial Monetary Policy Statement, the bank shot down the buying impetus that supported the Kiwi over the last 7-weeks as rate hikes are considered doable in 2019.

Hence, the Euro vs. New Zealand dollar seems to build an interesting technical pattern, bullish pin bar reversal, which indicates that the odds moved to favor risk-on trades. 

Historical data available for traders and investors indicates during the last 6-weeks that EUR/NZD cross had the best trading day at +0.70% (Jan.20) or 105-pips, and the worst at -0.64% (Jan.11) or (96)-pips.

RBNZ presser: NZD/USD below 200 SMA on the 1hr sticks, no sign of FX intervention from Wheeler

In terms of technical levels, upside barriers are aligned at 1.5277 (high Dec.25), then at 1.5640 (50-SMA) and above that at 1.5990 (200-SMA). While supports are aligned at 1.4530 (low Feb.5), later at 1.4175 (low April 26, 2015) and below that at 1.3880 (low April 19, 2015). On the other hand, Stochastic Oscillator (5,3,3) seems to reverse the previous bearish tone heading north. Therefore, there is evidence to expect further euro gains in the medium term.

On the long-term view, upside barriers are aligned at 1.5018 (short-term 23.6% Fib), then at 1.5722 (short-term 38.2% Fib) and finally above that at 1.6290 (short-term 50.0% Fib). On the other hand, supports levels are aligned at 1.4646 'false breakout' (low Jan), later at 1.4360 (open April.2016) and below that at 1.3880 'multi-month low.'

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