Hello Traders, welcome to the Daily Forex technical analysis. Today is June 25th, 2019 and we will be taking a look at the Euro against the New Zealand Dollar. We are looking for price action to have a minor pullback into its previous area of support near the 1.71 region. If we do get a pullback and it holds at the the 1.17 area we would be looking for an optimal...
EURNZD bounced nicely off its support at 1.6721 (100% Fibonacci extension , 38.2% Fibonacci retracement , horizontal swing low support) where it could potentially bounce to its resistance at 1.6818 (76.4% Fibonacci retracement , horizontal swing high resistance).
RSI (34) bounced off its support where a corresponding rise could occur.
The Daily chart reveals something that should make the bulls feel uncomfortable. It shows that EURNZD’s massive decline from October 2018 high at 1.79337 to December 2018 low at 1.63279 took the shape of a textbook five-wave impulse. The pattern is labeled 1-2-3-4-5.
EURNZD Bears Remain in Control
According to the theory, the impulses point in the direction of...
The price above 200 MA, indicating a growing trend.
The MACD histogram is above the zero lines.
The oscillator Force Index is above the zero lines.
If the level of resistance is broken, you should follow the recommendations below:
• Timeframe: H4
• Recommendation: Long Position
• Entry Level: Long Position 1.7200
• Take Profit Level: 1.7290 (90 pips)
Price is approaching our first support (100% Fibonacci extension, 38.2%, 50% Fibonacci retracement) where a strong bounce might occur to our first resistance level (swing high resistance, 76.4% Fibonacci retracement). Stochastic is also approaching support.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you...
Not much to say here, due to the fact that this trade is in such a small time frame and is relying solely on technical analysis.
Time frame: 30M
Length of Trade: 1 day to 2 days
Entry: Between 1.7075 to 1.7065