EURNZD Analysis by Wave FX Academy (DETAILED MULTI-TIMEFRAME)
Hi Traders, here is my analysis for EURNZD
Technical Analysis:
Market has been gradually progressing higher over the past couple of years. Recent Price Action from a monthly perspective shows we’ve broken above a strong resistance zone at $1.77 now also acting as strong support. It's a strong possibility to see price action in the $1.86 region based on the current market structure.
Looking at the weekly timeframe, we are seeing a well conditioned uptrend with price making consistent higher highs and higher lows
With price currently testing the 38.2% level from the recent selloff, we may see some rejection here before price continues higher.
A closer look at the market structure patterns on the daily timeframe, shows where we have broken out of the down channel and also closed firmly above the downtrend anchor indicating continuation to the upside. With all 3 timeframes (M, W, D) indicating bullish strength, and the major banks adding more long positions on the Euro while closing out massive shorts, in comparison to the all around reduction on both Long and Short positions for the Kiwi, it wouldn't be a surprise to see price action hitting the target of $1.8600 or even higher.
I've labeled the areas based on what I will be anticipating.
Like and Comment your thoughts . All feedbacks are welcomed.
An entry will be taken only if all rules of my strategy are satisfied.
Add this pair to your watchlist and see if the rules of your strategy provides an entry.
Technical Analysis:
Market has been gradually progressing higher over the past couple of years. Recent Price Action from a monthly perspective shows we’ve broken above a strong resistance zone at $1.77 now also acting as strong support. It's a strong possibility to see price action in the $1.86 region based on the current market structure.
Looking at the weekly timeframe, we are seeing a well conditioned uptrend with price making consistent higher highs and higher lows
With price currently testing the 38.2% level from the recent selloff, we may see some rejection here before price continues higher.
A closer look at the market structure patterns on the daily timeframe, shows where we have broken out of the down channel and also closed firmly above the downtrend anchor indicating continuation to the upside. With all 3 timeframes (M, W, D) indicating bullish strength, and the major banks adding more long positions on the Euro while closing out massive shorts, in comparison to the all around reduction on both Long and Short positions for the Kiwi, it wouldn't be a surprise to see price action hitting the target of $1.8600 or even higher.
I've labeled the areas based on what I will be anticipating.
Like and Comment your thoughts . All feedbacks are welcomed.
An entry will be taken only if all rules of my strategy are satisfied.
Add this pair to your watchlist and see if the rules of your strategy provides an entry.