The pair is forming a rising wedge, but unlike EURNZD is has not broken down yet. Wedge support from 2017 low at 1.3636 is still intact and tested this level for the 4th time on Friday. We can also see bulls stepped in at 1.5325 on Dec 22. This coming week is arguably the slowest week for the markets and any breakdown would have to be handled with extreme caution and prefer bears to hold off until the New Year. However, I will be interested in a DAILY CLOSE below support followed by a bearish signal that’s too good to pass up and even then I would use a small position size due to the current low liquidity in the market. There is also some support at the June 11 and Oct highs at 1.5230 that I will watch. I’m waiting to see where the pair breaks support and if it’s high enough an entry could be possible without waiting for prices to clear 1.5320 or 1.5230. We have 1st KEY support at 1.5070/80.

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