Here we can see the cross finding some support around current levels. This area (not shown on chart) is also around the 200MA and a trendline formed since the lows in October 2018 as well as an ABC target.
To put simply, from a technical perspective we are in a very congested area.
Breaking below here will open up the continuation of an ABC corrective sequence towards 0.656 which is another 2.5% swing. It is worth remembering the initial rally from October formed a textbook 5 wave sequence which was impulsive in nature. This means that ultimately this move to the downside should be viewed as corrective and is providing opportunities for bulls wanting to reload to add exposure from cheaper prices.
I am tracking the clearing area for bears as initial targets whereby I would then start looking to re-engage in the topside and highly recommend those tracking to consider buying if reached.
Thanks for all the support with likes, comments follows and etc... feel free to keep the discussions open and best of luck those trading live!
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Here adding EURNZD to the portfolio:
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Well done shorts!!!!
Trade closed: target reached
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All closed manually after failing to clear targets with NFP .. no point in holding