Weekly Forecast for EUR/NZD | 8 - 13 December 2019 | SHORT TERM
Here you can see the Euro New Zealand dollar has reached a strong support zone between 1.68098 and 1.68498. Furthermore, there are two long term trendlines based on the daily timeframe and the weekly timeframe you can see on the chart. Also, this currency pair has made a 5-wave movement down. The EURO New Zealand dollar is testing this support zone which is now a cluster zone called area of confluence.
It is the first time the Euro New Zealand dollar is testing this support since the breakout at the end of July and the beginning of August 2019. We have nor a big change for a move up to the resistance line at 1.70612. So, we will place a long buy limit order at 1.68444. We will see how the market will open Monday morning and are waiting for a reaction. Maybe we enter the market before our entry-level at 1.68444 only not to miss the move to the upside. If the market goes down a little bit more, we will open a second position at 1.67682.TP1 we set at 1.69278 TP2 we set at 1.69989 and the TP3 at 1.70440. At the Resistance line at 1.70612, we think there will be a correction. After this correction the market will move up again, we think. But please notice that there is much pressure down and also, we have a bearish divergence on the weekly chart. My tip is carefully before entering the market.
LINK TO THE VIDEO: youtu.be/dUQOQ5GYSd0
The COT data for the USD dollar pairs for the whole year 2019 you can find at
www.wave-revolution....ommitment-of-trades/
It is the first time the Euro New Zealand dollar is testing this support since the breakout at the end of July and the beginning of August 2019. We have nor a big change for a move up to the resistance line at 1.70612. So, we will place a long buy limit order at 1.68444. We will see how the market will open Monday morning and are waiting for a reaction. Maybe we enter the market before our entry-level at 1.68444 only not to miss the move to the upside. If the market goes down a little bit more, we will open a second position at 1.67682.TP1 we set at 1.69278 TP2 we set at 1.69989 and the TP3 at 1.70440. At the Resistance line at 1.70612, we think there will be a correction. After this correction the market will move up again, we think. But please notice that there is much pressure down and also, we have a bearish divergence on the weekly chart. My tip is carefully before entering the market.
LINK TO THE VIDEO: youtu.be/dUQOQ5GYSd0
The COT data for the USD dollar pairs for the whole year 2019 you can find at
www.wave-revolution....ommitment-of-trades/