After a massive 8H trend down, EURNZD made a bounce north. Now there is conflict with a Daily trend heading south. I explore the probabilities. Have a look.
Disclaimer: This is not a recommendation to trade securities. Your losses are your own should you take a position. This means you sue yourself if you lose your money.
Following a 1000 + pips move up, we are finally seeing price pulling back.
Should price stay below 1.7390, then look for a formation of a lower high on the 4HR before a push down.
Any potential move down should be treated as a Daily Phase 2.
DAY TRADE - EXPIRES AT 9PM
A bearish Head and Shoulders has formed.
We have a 78.6% Fibonacci pullback level of 1.7140 from 1.7307 to 1.6526.
Negative overnight flows lead to an expectation of a weaker open this morning.
Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 1.7140, resulting in improved...
As you can see the price is now at a key level where historically acted as a support and resistance. We have a nice double top in place on the 4h and 1hr chart, also RSI is seriously overbought. I'm expecting a trend reversal from here and marked my tp and sl for you as well.
Let me know your thoughts.
Trade safe and good luck.
. There is a possibility of temporary retracement to suggested support line (1.6815). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. EUR/NZD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
eurnzd was in this triangle formation for quite sometime now. Going into the 4hr I see bearish correctional moves appearing with large pip movement so I went even lower and found another correctional move and another sub correctional move inside that (pink is 15min chart).
Waiting for price to break out of correctional move and follow...
eurnzd was in this consolidation period for a while now but there was some big moves on 4hr chart that I took notice of. Price rejected daily trendline and made a bear flag which worked and than price made another correctional move followed by a rising wedge which gives me 2 confirmations that markets are going go...
EURNZD - Intraday - We look to Buy at 1.6690 (stop at 1.6655)
Buying pressure from 1.6575 resulted in all the initial daily selloff being recaptured. Bespoke resistance is located at 1.6741. The 261.8% Fibonacci extension is located at 1.6867 from 1.6526 to 1.6656. There is no clear indication that the upward...