EURNZD
Previous Month : Bearish
Previous Week : Bearish
Daily : Bearish
- EURNZD edged a bit higher last week away for ranging zone 6650/6550 at 6760 a bit shy from the major resistance at 6820 that is currently acting as a solid barrier for EURNZD. But on 4H a HH/HL we can see a HH/HL formation that may act as a trigger to test the 6820 resistance.
- A Solid HTF Support formation above 6820 will indicate that a low formed for a 7020 target. Failure to sustain a support above 6820 and with HTF solid resistance formation below 6820 will be a sign for bearish momentum continuation and we may retest the lows created at 6320
- The COT report showing that NZD buyers are still in control and increasing their NZD long positions. Still NZD sellers are not into market yet and this adds confirmations for EURNZD to continue bearish momentum.
- Seasonality is showing that NZD will weaken till end March, but still NZD holding and continuing it's strength. We could see some reversals on EURNZD as we had created new lows, but still such spikes are opportunities for better shorts.
- So with Current solid bearish momentum, COT and Seasonality; i'd expect EURNZD to continue the bearish momentum and any spike will be treated as a good opportunity for shorts until a solid support formation above 1.7020 level.
- Through trading several Months EURNZD, I prefer to see retracements to any move in order to have a range to trade to target created. So i recommend to Short after retracement or break and Resistance formation below broken Support and vise versa for Longs.
- Important news for NZD this week on Friday Business NZ PM and some important news for China on Wednesday may move NZD during Asia Session.
Weekly Outlook Chart:
Comment:
2nd Trade 11 March - EURNZD Short = W +24
Based on the retracement happened today after the drop to 6520, i was looking to reenter again with a solid confirmation which will be a short below the support formed at 6543
EUR rate news moved price fast and i jumped in after breaking the consolidation zone and filled in 6545.
Plan on 30m Chart:
Entry 30m Chart:
80% Close :
Another Partial close at TP:
Trade Closed:
Based on the retracement happened today after the drop to 6520, i was looking to reenter again with a solid confirmation which will be a short below the support formed at 6543
EUR rate news moved price fast and i jumped in after breaking the consolidation zone and filled in 6545.
Plan on 30m Chart:
Entry 30m Chart:
80% Close :
Another Partial close at TP:
Trade Closed:
Based on HTF week plan and session momentum, i was looking for shorts below 6570.
Asia created a tide range between 6565/6550 with support formation 6557.
Pre-London pushed EURNZD below AL and closed the first 30m candle at 6543.
I entered on the next 30m candle after finishing small retracement and turned bearish.
I'd marked a reaction point at 6520 and TP at 6500
EURNZD pushed well to 6520 and started to show reactions where i closed 80% of my trade +23 and remaining at BE.
London started with hard pullback hit my SL at BE.
Entry 30m Chart:
80% Close 30m Chart:
Trade Close: