EURNZD
Previous Month : Bearish
Previous Week : Bullish
Previous Daily : Bullish
- EURNZD as expected created a lower resistance below 6660 which pushed EIRNZD to create a new low at 6320 helped by Interest rate news and NZ economical optimism. The new low created triggered a hard pullback as it was Feb End and profit taking which currently pushed EURNZD again above 6660.
- The COT report showing that NZD buyers are still in control and increasing their NZD long positions. Still NZD sellers are not into market yet and this adds confirmations for EURNZD continued bearish momentum.
- Seasonality is showing that NZD will weaken in March, but still NZD holding and continuing it's strength. We could see some reversals on EURNZD as we had created new lows, but still such spikes are opportunities for better shorts.
- So with Current solid bearish momentum, COT and Seasonality; i'd expect EURNZD to continue the bearish momentum and any spike will be treated as a good opportunity for shorts until a solid support formation above 1.7020 level.
- Through trading several Months EURNZD, I prefer to see retracements to any move in order to have a range to trade to target created. So i recommend to Short after retracement or break and Resistance formation below broken Support and vise versa for Longs.
- Important news for NZD this week on Wednesday Building Permits and RBNZ's Governor Orr speech on Thursday.
Monthly Outlook:
Weekly Outlook:
Daily Outlook:
Weekly Trade Plan 4H Chart:
Comment:
1 March 2nd Trade - EURNZD Short = W 80% +50 .. Remaining at BE
Based on Weekly Trade Plan, was looking for shorts on a solid resistance formation below 6660 which happened with the 10am 4H candle closing bearish below the previous creating resistance below 6660 and lower resistance to the previous 4H top created at 6700.
With the 2PM 4H candle opened, i waited for resistance formation to short on anticipation of bearish momentum continuation.
1st 30m candle closed bullish, waited with the new 30m candle to break below to go short which happened creating the resistance i wanted.
Trade went in profit and i banked 50% +20 at the first support level at 6570 which is previous week support formed during the bullish move.
Banked another 30% +50 at 6540 which is a 30m range resistance level.
Keeping the remaining 20% at BE hoping we can reach target.
Entry 30m Chart:
50% Close 30m Chart:
30% Close 30m Chart:
Current trade with remaining:
Based on Weekly Trade Plan, was looking for shorts on a solid resistance formation below 6660 which happened with the 10am 4H candle closing bearish below the previous creating resistance below 6660 and lower resistance to the previous 4H top created at 6700.
With the 2PM 4H candle opened, i waited for resistance formation to short on anticipation of bearish momentum continuation.
1st 30m candle closed bullish, waited with the new 30m candle to break below to go short which happened creating the resistance i wanted.
Trade went in profit and i banked 50% +20 at the first support level at 6570 which is previous week support formed during the bullish move.
Banked another 30% +50 at 6540 which is a 30m range resistance level.
Keeping the remaining 20% at BE hoping we can reach target.
Entry 30m Chart:
50% Close 30m Chart:
30% Close 30m Chart:
Current trade with remaining:
Comment:
2 March - EURNZD Long = L -30
Based on session momentum, i was looking for Longs above 6633 to fill the 4H bearish candle and may be continuation.
Asia created a range between 6572/6600 with support formation 6580.
Pre-London pushed EURNZD above Asia High reaching minor resistance at 6610 and extending fast to above 6633.
I entered impulsively above the Pre-London high at 6640 with SL below 1H candle at 6610.
London started with hard pullback which made me close 50% of the trade at -20.
EURNZD started to range below my entry to 6620 until it hit the SL 50% remaining.
I know that i was late on entry and having impulsive entry that caused this trade to fail. lesson learned for next time.
Entry 30m Chart:
50% close 30m Chart:
Trade Closed SL Hit:
Based on session momentum, i was looking for Longs above 6633 to fill the 4H bearish candle and may be continuation.
Asia created a range between 6572/6600 with support formation 6580.
Pre-London pushed EURNZD above Asia High reaching minor resistance at 6610 and extending fast to above 6633.
I entered impulsively above the Pre-London high at 6640 with SL below 1H candle at 6610.
London started with hard pullback which made me close 50% of the trade at -20.
EURNZD started to range below my entry to 6620 until it hit the SL 50% remaining.
I know that i was late on entry and having impulsive entry that caused this trade to fail. lesson learned for next time.
Entry 30m Chart:
50% close 30m Chart:
Trade Closed SL Hit:
Based on HTF Momentum, looking for bullish momentum continuation to test the highs created 6700.
Asia session bearish momentum continued after starting the week with a drop. but created support at the recent support created on Friday 6600.
Pre-London created also support at current levels of Friday support.
Waited London open to give clear direction either we are going to retest the highs created at 6700 or we are going to retrace the bullish move. 1st London 1H closed bearish and it didn't clarify any direction as it did also closed above 6600.
30m candle closed bullish above the previous indicating a bullish momentum on the way, i waited for next 30m candle to push up and entered once we taken minor resistance at 6623 and candle became above Asia High.
Closed 50% once we reached resistance level at 6652 +25 and moved SL to BE holding for target at 6680.
EURNZD reached 6662 and started retracing done in Pre-NY and hit my SL at BE.
Entry 15m Chart:
Entry 30m Chart:
50% Close 30m Chart:
After closing 50% 30m Chart:
Trade Closed: