TradingClear
Long

EURNZD - New Update on Buy Opportunities

OANDA:EURNZD   Euro / New Zealand Dollar
As a follow up to our weekly timeframe analysis on this pair (https://www.tradingview.com/chart/EURNZD/LPWpdEfC-EURNZD-Overview-on-Weekly-Timeframe/), we are noticing that the time could be right to start looking for a buy setup, on OANDA:EURNZD as, after breaking the weekly trend line to the upside, it has been consolidating around it for a while now.

More in detail, we are currently monitoring the small 60min correction that is forming now. This one's tricky, however, because it is seemingly changing sides in a more complex structure, turning from a flag to the upside to a flag to the downside. Let's see how this evolves, trying to find an entry point. Ideally, it should go for one more small movement to the downside, making the perfect structure for a buy when completed. Just for the sake of it, remember that we will only have confirmation of upside once it breaks the bigger 4hr trend line above (in pink).

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Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).

Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.

Thank you for viewing.
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