EURNZD - Second Attempt, More Oomph this time

FX:EURNZD   Euro / New Zealand Dollar
261 9 9
Greetings Fellow Traders,

Early this week we had a EURNZD             trade on the 4 hour chart - however it was quickly nullified, no conviction. This led to a pretty harsh sell off for a couple of days before rebounding and staying above a certain daily strength that was identified.

To finish off the week, EURNZD             not only closed above on the 4 hour chart - but managed to secure the daily AND weekly close for this newly defined move.

I fully expect EURNZD             to make an almost immediate move to 1.7000 during the first 2 days of trading next week, a retest of 1.7250 area by week's end. For additional upside - I have my eye on NZDUSD             looking for that close below .64000. Should that confirm I will be targeting a move much higher between 1.75-1.80, one step at a time though.

Here is the daily chart for reference:
Feel free to comment/like/follow.

I would rather have said that this pair is riddled with fake breakouts. The last one actually not being one of them in my opinion...
+1 Reply
Synapse GeneraldisastersInc
I must have missed this comment, apologies! The only false breakout to me in that chart for the bullish continuation was the one at 1.6840 that I posted the 4 hour analysis for. It wasn't supported. When this happens price redefines the strength of a move, and we had a pretty standard breakout this time around.
Well, it did break out a little later, so you got it very nicely. Also its bounced off the new resistance so time to head on in!
GeneraldisastersInc GeneraldisastersInc
New daily channel created?
Synapse IvanLabrie
Nice chart - Not sure we'll get a strong pull back, end of week 4 hour already showed a good level. If we get back to 1.6800 we should find a good strong set of buyers to start the week.
You can place some limit buys and see if they get filled, as well as a buy stop above the high.
+1 Reply
Synapse IvanLabrie
I'm personally a fan of limit orders more than stop orders, but sometimes you just don't have the option. I'm already long on EURNZD.
Yep, missing out on a move this big is worse than buying strength. Buying strength in an emerging uptrend is quite often the only way to join early on.
+1 Reply
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