Another top pick for the week is the EURNZD , reason being we have been seeing in the past weeks a channel which has formed.
As I breakdown the chart I noticed price is currently at a new low which are the best opportunities to wait for long positions, with that being said a inverted head & shoulders has formed on the daily timeframe as well as a trend line (potential) bounce giving us some signs that we could see price rejection of the 1.76931 price
Moving down to the lower timeframes to get a better insight on the potential long position. As I come down to the H4 timeframe & H1 timeframe , a double bottom has formed at the right shoulder of the inverted head & shoulder we had seen on the daily.
In conclusion we could see potential bullish movement to the 1.79580 - 1.8000 price
As I breakdown the chart I noticed price is currently at a new low which are the best opportunities to wait for long positions, with that being said a inverted head & shoulders has formed on the daily timeframe as well as a trend line (potential) bounce giving us some signs that we could see price rejection of the 1.76931 price
Moving down to the lower timeframes to get a better insight on the potential long position. As I come down to the H4 timeframe & H1 timeframe , a double bottom has formed at the right shoulder of the inverted head & shoulder we had seen on the daily.
In conclusion we could see potential bullish movement to the 1.79580 - 1.8000 price