Are You Ready to Capitalize on the 1.822 Resistance Level?

TheFxAce Updated   
FX:EURNZD   Euro / New Zealand Dollar
Examining the Monthly and Weekly charts, it's clear that this pair is on the verge of some critical areas on the higher timeframes – an exciting potential for spotting favorable selling opportunities.

The first hotspot revolves around the Monthly resistance area at 1.822. Remarkably, just yesterday, the price came incredibly close to tapping this level. It's intriguing to consider if this might have been a clever stop-hunting maneuver, especially considering the price's swift pop above the previous resistance at 1.80500, followed by a prompt sell-off. To visualize this, take a glance at the image below

This could well be the turning point for a more pronounced correction, though I'd certainly wait for confirmation. It's worth noting that the price has managed to stay perched above the 1.805 level, hinting at the possibility of an upward thrust, even aiming above 1.82. Explore this perspective in the image below

Personally, my optimal approach involves patiently awaiting a price climb to 1.82, then making use of my TRFX indicator. I'd only dive into the trade once the Daily chart signals align with my strategy. Additionally, I'll be keen to spot any potential Daily signals within the present levels.

As for potential targets in this trade, my sights are set on the former swing high resistance, now transformed into support, positioned at 1.75. This level is poised to attract considerable buying interest and could act as a strategic regrouping point for buyers, potentially fuelling the market's push toward the subsequent resistance region at 1.86.

This also signifies the commencement of a Monthly supply/sell zone. Thus, I'm eyeing around 1.75 as my initial profit target, anticipating some sort of buying surge or a wave of profit-taking.

If a subsequent response unfolds, wherein sellers regain influence and buyers struggle to secure new highs, there's potential for a more substantial retreat towards the 1.70 territory. This aligns perfectly with a Monthly demand/buy area. See a chart visual below

I realize my posts might be a bit exhaustive, but dissecting my chart observations is my way of refining my trade ideas. Hopefully, this account proves both enlightening and insightful. Happy reading and trading!
Trade active:
As expected we got the move up above 1.822 resistance actually moving up above 1.83 after this move we got the signal on the TRFX indicator on the 12 Hour signal already up over 100 pips.

will trail the stop loss as we move down.

7-Day FREE access to my weekly trade setups & Trade Manager EA -

Free Access to TRFX Indicator here -

Join Telegram group -

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.