This week we’ve been starved of high quality signals as most markets have been hanging around in ‘unfavourable trade zones’. A lot of activity on the New Zealand dollar last session, a bearish rejection candle forming on the NZDUSD major at the New York close and the EURNZD chart also formed a rejection candle signaling higher prices.
EURNZD seems to be stepping upwards here off the recent support level and is now printing higher lows. A bullish rejection candle formed last session as moves lower were rejected aggressively. This bullish pin bar rejection candle signal could prompt a further bullish response from the market and potentially see the next move to the high side.