EURNZD 1D 500pip BUY - for week starting 29.3.21
Hey guys hope you're doing well reading this.
Fib drawn between yearly high and lows - recent spike brought us up by roughly 400pips, we're currently seeing exhausted / rejection candles forming an arch shape, like an upside down "U" which is much clearer on the 4H chart. This is a less common trend reversal pattern, but we can put some faith in it as price is exhausted / rejecting of the 0.618 fibonacci level which is a good sign. This fibonacci level also back tests nicely to show a common area of resistance
We can see great divergence on the stochastic and macd indicators suggesting there's an incoming sell move. Price is also at a monthly high so psychologically speaking selling pressure should increase. We'll have to wait this out for confirmation as the Euro has been getting stronger towards the end of this week. For confirmation we can wait until a strong candle crosses and closes below the orange trend line which has only recently been broken for this first time.
As always any advice is appreciated
Vince / Vmoney
Fib drawn between yearly high and lows - recent spike brought us up by roughly 400pips, we're currently seeing exhausted / rejection candles forming an arch shape, like an upside down "U" which is much clearer on the 4H chart. This is a less common trend reversal pattern, but we can put some faith in it as price is exhausted / rejecting of the 0.618 fibonacci level which is a good sign. This fibonacci level also back tests nicely to show a common area of resistance
We can see great divergence on the stochastic and macd indicators suggesting there's an incoming sell move. Price is also at a monthly high so psychologically speaking selling pressure should increase. We'll have to wait this out for confirmation as the Euro has been getting stronger towards the end of this week. For confirmation we can wait until a strong candle crosses and closes below the orange trend line which has only recently been broken for this first time.
As always any advice is appreciated
Vince / Vmoney
Comment:
I mean SELL lmao but buy if you want you never know