EURNZD is approaching our first resistance at 1.6621 (horizontal swing high resistnace, 76.4% fibonacci retracement, 61.8% fibonaaci extension) and a strong drop might occur below this level pushing price down to our major support at 1.6468 (6138% fibonacci extension, 76.4% fibonacci retracement).
Stochastic (34,5,3) is also approaching resistance and we might ...
If you're in the membership you'll recognize this setup from last week. We are looking at a drawback or early reversal setup with EUR/NZD. This is why we're watching on the 1 hour for a possible buy entry upon a breakout. My target is tenken sen on the daily but we may need to adjust the TP as tenken sen moves on the daily chart. If we fail to break up bullishly ...
You can see the play from last week to the left of this setup. It went really well for us and I announced in the members area where I was getting out of most of the position. We were able to snag 100 pips or so and I'm looking for an even bigger drawback based on the daily chart, looking here on the 4 hour for entry. I've drawn out the first major level of ...
Regardless which way you want to trade, look for minimum five 4hr. candles in consolidation zones (yellow border boxes), or five daily candles for solid yellow boxes. If you're a pattern trader or pinbar trader, this might be useful here.
Wait for the breakout of 4hr. consolidation or daily consolidation (red border boxes) to take the trade. I ...
EURNZD is approaching Neckline of Head and Shoulder Pattern. Go Short on the breakout of Neckline.
SL would be just above the Shoulder.
TP would be at the support level or Same measurement of Head to Neckline distance.
Here is my forecast for EURNZD for the next few months.
EUR will increase interest rate so it will get stronger, Italy budget problem will be solved and UK will hopefully get a deal. Central Bank started to tighten monetary policy, so strong EUR will show up.
NZD, on the other hand, expect higher inflation, the central bank is happy with lower NZD ...
EURNZD is approaching our first resistance at 1.6566 (horizontal pullback resistance, 100% Fibonacci extension, 50% Fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 1.6332 (horizontal swing low support).
Stochastic (34,5,3) is also approaching resistance we might see a corresponding drop in price ...
Red non-dashed line is a weekly OB, also an old swing low was taken out. We have yet to see a decent bounce from this pair's decline. The R:R is too good to pass up. Target is some old support broken and a possible gap fill. Good Luck!
EURNZD I buy to the level of 1.6790 support
If you look at the daily chart, the price is in a big triangle in a downtrend. If you allow capital you can buy into a small position.
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