FXtrades-gp

EURNZD: Is the DOUBLE BOTTOM starting a NEW TREND?

Long
FX:EURNZD   Euro / New Zealand Dollar
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🟢Forex Pair:
EUR/NZD

Technical Analysis:
In the weekly chart, since March 2019, the price has been following an interesting uptrend, bouncing on it in January 2020 and November 2020.
Few weeks ago the price broke the main trendline and it will probably pullback on that during the next weeks.

In the daily chart , since the beginning of June 2020, the price has been following a new downtrend, getting few rejections on its secondary trendline. On the 5th of January the price broke the dynamic support and it's now approaching to retest it.

In the H4 time frame, we can properly see how the price broke its previous descending channel , getting an interesting rejection on the support level at 1.68228, creating a possible double bottom pattern.
The price actually reached its next S/R zone at about 1.70000 and the next price action around this zone will be essential to understand the next market movement.

🔴Conclusion: ✔️
I believe this is an interesting situation and we could absolutely catch a trade position whenever we will confirm the validity of the double bottom pattern.
I'm confident to see the price reaching and retesting the main weekly trendline and I'll be waiting a proper breakout of the level 1.70000 before planning any long position.

Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!

Please note the views are not investment advice and should be used only for educational purposes

Trade Safe and Responsibly,
Gianni

Trade closed: target reached: Trade closed with +68 Pips (+0.40%)✔️
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Comments

very nice analysis and work!
+1 Reply
FXtrades-gp DACapitalTrading
@DACapitalTrading, thanks so much! I really appreciate your feedback!
Reply
Good Job here ! :)
+1 Reply
@FOREXN1, Thanks much! My pleasure! :)
Reply
Very resourceful, thanks for sharing.
+1 Reply
@abel11, many thanks abel, as always!:)
Reply
Same bias here, thanks for sharing!
+1 Reply
FXtrades-gp Investroyllc
@Investroyllc, I'm glad to know we got the same view! :)
Reply
I am in the same boat on this one! Great work!
+1 Reply
FXtrades-gp TopTradingSignals
@TopTradingSignals, oh great! thanks for your support! I'm so glad!
Reply
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