Hello Traders,
Here is the Top-Down Analysis of EURNZD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 41 - 05 Oct
M > Market is moving in a rising channel. Price tested monthly support, faced rejection and started upward move.
W > In its upward move price is unable to break resistance level.
D > We can see an M formation and price should rise up to test the neck. While rising up price is facing rejection at supply zone and unable to break it through. Price is now testing support level and we expect a bounce up.
As per COT EUR saw closure of more Long than Short, reducing net positions; EUR was very weak for the said week. EXY was positive last week though it reached resistance level and dropped. NZD saw addition of few Long and more Short reducing net positions, confirming weakness of NZD for the said week. ZXY improved its position last week.
4H > Price is now testing support/ demand zone. We should wait for price action at this zone for entry, a Long in case of rejection and Short if it breaks the level.
We however have a bullish bias till neck of M formation.
Pair Correlation > EURNZD has positive correlation with GBPNZD and EURAUD and negative correlation with NZDCHF and NZDCAD.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions.
Thank You
AP17FX
Here is the Top-Down Analysis of EURNZD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 41 - 05 Oct
M > Market is moving in a rising channel. Price tested monthly support, faced rejection and started upward move.
W > In its upward move price is unable to break resistance level.
D > We can see an M formation and price should rise up to test the neck. While rising up price is facing rejection at supply zone and unable to break it through. Price is now testing support level and we expect a bounce up.
As per COT EUR saw closure of more Long than Short, reducing net positions; EUR was very weak for the said week. EXY was positive last week though it reached resistance level and dropped. NZD saw addition of few Long and more Short reducing net positions, confirming weakness of NZD for the said week. ZXY improved its position last week.
4H > Price is now testing support/ demand zone. We should wait for price action at this zone for entry, a Long in case of rejection and Short if it breaks the level.
We however have a bullish bias till neck of M formation.
Pair Correlation > EURNZD has positive correlation with GBPNZD and EURAUD and negative correlation with NZDCHF and NZDCAD.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions.
Thank You
AP17FX
Trade closed: target reached:
Update: Bang on....... EURNZD has met our target. Traders following the idea can exit the trade. 👍🏼👍🏼