Bullish Divergence with MACD and Break above the Bearish Trend line are the evidences of trend reversal
we can target the Fibonacci Projection Parallels legs and Extension levels
we may hove some retracement along the Move up which is very normal for a healthy uptrend
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Initiate Long.
1 Scenario
Entry - 1.66995
TP1 - 1.68291
TP2 - 1.68947
SL - 1.66660
2 Scenario
Entry - 1.66354
TP1 - 1.67559
TP2 - 1.68200
SL - 1.65989
Reason: Currently price facing decline due to rejection, the trade suppose retracement at least from one of the support zones. How to choose of two...
Downward trend formation on D1 & H4. Doji D1 Candle confimration made. We are no longer looking for further upside movement, only downside now. Take sell opportunities on downward retracements if not entered before. Will Update later.
Last week price broke down below key support at 1.69560 hinting further declines is on the cards. A pullback and re-test of broken support turning resistance will provide a great place to start to look for Bearish set ups for shorts down towards the target and next key area of support to the downside at 1.66413.
Last week price pulled back to key resistance turned support at 1.72077 and bounced after testing it deeply. Next week further advances are expected with a correction providing a great opportunity to look for longs towards the next key areas of resistance at 1.74869 and 1.75842 respectively.
Last week the EurNzd was a great performing pair clearing the targets and keys areas of resistance highlighted with ease. We go into this week with price sitting above key resistance turned support at 1.72077 with a re-test of this area providing a great place to look for Long opportunities, and a continuation of the rally, towards the next key areas of resistance...
Last week price bounced from key support at 1.66413 breaking the downward sloping trend line. This provides a great chance for a pullback to provide an opportunity for long set ups, up towards the next two key areas of resistance and targets to the upside at 1.69560 and 1.72077 respectively.
