From the Technical Views:
1. From the daily point of view, the price failed to create a new lower low, but higher high, further upside is expected at the moment.
2. Also, after the break to the upside, EURNZD created a W pattern, we can expect a small retracement to the middle of the W pattern, we can find a short opportunity and target the middle of the W pattern. And this target is correlated with the 32.8 FIB level, price may retest to this zone before moving to the upside.
From the Institutional's Views:
1. Bullish bias on both EUR and NZD.
2. In the new data, 9.9k of long positions were added on EUR, 4.2k of short positions were closed on EUR, meaning that they are not interested in shorting EUR, so we can expect more strength on the EUR. However, more long positions also added on the NZD, approximate 2.6k of the long and 1.2k of the short positions were added. But from their perspectives, EUR is stronger than NZD, and EURNZD should move to the upside after the small retracement.
How to approach EURNZD?
1. If the market will go a bit higher, then we can be looking for a short opportunity in the lower timeframe, to complete the W pattern on the daily timeframe. OR If the market will straight retest the 38.2 FIB level and show rejections inside this area, then we can be looking for the long opportunity in the lower timeframe and complete the bullish Elliot Corrective Waves pattern, a.k.a ABC pattern
2. Just shorting at the current price is not a good idea, because overall is extremely bullish on the lower timeframe, it can simply moving to the upside without any retest.
3. Long at the moment may not a good idea, if the market decides to go for the retracement, then you will be missing out on your area of the value.
The result might not follow my analysis, this analysis is based on the TA & COT perspectives.
Comment down below let me know your view on EURNZD or which pairs you would like to me analyze in the future.
1. From the daily point of view, the price failed to create a new lower low, but higher high, further upside is expected at the moment.
2. Also, after the break to the upside, EURNZD created a W pattern, we can expect a small retracement to the middle of the W pattern, we can find a short opportunity and target the middle of the W pattern. And this target is correlated with the 32.8 FIB level, price may retest to this zone before moving to the upside.
From the Institutional's Views:
1. Bullish bias on both EUR and NZD.
2. In the new data, 9.9k of long positions were added on EUR, 4.2k of short positions were closed on EUR, meaning that they are not interested in shorting EUR, so we can expect more strength on the EUR. However, more long positions also added on the NZD, approximate 2.6k of the long and 1.2k of the short positions were added. But from their perspectives, EUR is stronger than NZD, and EURNZD should move to the upside after the small retracement.
How to approach EURNZD?
1. If the market will go a bit higher, then we can be looking for a short opportunity in the lower timeframe, to complete the W pattern on the daily timeframe. OR If the market will straight retest the 38.2 FIB level and show rejections inside this area, then we can be looking for the long opportunity in the lower timeframe and complete the bullish Elliot Corrective Waves pattern, a.k.a ABC pattern
2. Just shorting at the current price is not a good idea, because overall is extremely bullish on the lower timeframe, it can simply moving to the upside without any retest.
3. Long at the moment may not a good idea, if the market decides to go for the retracement, then you will be missing out on your area of the value.
The result might not follow my analysis, this analysis is based on the TA & COT perspectives.
Comment down below let me know your view on EURNZD or which pairs you would like to me analyze in the future.