From what I can see from the big picture is that EURNZD is looking to retrace back to 1.5500 after what seems to be a rejection of the trendline from the monthly chart.
But that is way too big of a trade for me, so this daily setup might fit me better. I might even consider taking profits around 1.5900
Based on my daily entry strategy I am confident that the price will continue to fall after this daily candle close below both the MA and the EMA and could've jumped into this trade monday morning.
But I'll wait to see if a break of the current trendline and the minor daily support around 1.63241 will occur, I guess we'll find out on monday :)
But that is way too big of a trade for me, so this daily setup might fit me better. I might even consider taking profits around 1.5900
Based on my daily entry strategy I am confident that the price will continue to fall after this daily candle close below both the MA and the EMA and could've jumped into this trade monday morning.
But I'll wait to see if a break of the current trendline and the minor daily support around 1.63241 will occur, I guess we'll find out on monday :)
Trade active:
sell stop order initiated, currently in the trade now
Comment:
The minor daily support break was just temporary, price is now testing the declining 1H & 4H trendline, might be a new sell opportunity for me if it rejects. My bias is still short for this pair.
Comment:
The National Party won the NZ election this weekend, so we might see more downside action from this pair. I might concider taking profit around 1.6200, I am too impatience with these huge swings.