EURNZD Bearish
Bias Ranging
Fundamental Analysis
EUR is neutral and likely to reduce interest rates soon.
NZD is bearish fundamentally. Due to geopolitical issues, XAU is bullish, putting NZD in bullish momentum.
Price Action:
Price rejected from Daily S/R level. The bearish movement has come in, creating a break in H4 support level and close below it. Price pulled back and retest the broken support level H4. Price formed a double top pattern with a H1 neckline Support level. Price break the H1 support level again.
Confluence:
Higher TF (W/D/H4) - H4 Broken Support, H4 EMA50, H4 Trendline
Lower TF (H1/M30/M15) - H1 broken support. Bearish Momentum Candle towards downside.
Set up:
Short Entry at broken H1 neckline.
TP at Daily SR level R:R 1:4
SL above the double top pattern +1 ATR
Fundamental Analysis
EUR is neutral and likely to reduce interest rates soon.
NZD is bearish fundamentally. Due to geopolitical issues, XAU is bullish, putting NZD in bullish momentum.
Price Action:
Price rejected from Daily S/R level. The bearish movement has come in, creating a break in H4 support level and close below it. Price pulled back and retest the broken support level H4. Price formed a double top pattern with a H1 neckline Support level. Price break the H1 support level again.
Confluence:
Higher TF (W/D/H4) - H4 Broken Support, H4 EMA50, H4 Trendline
Lower TF (H1/M30/M15) - H1 broken support. Bearish Momentum Candle towards downside.
Set up:
Short Entry at broken H1 neckline.
TP at Daily SR level R:R 1:4
SL above the double top pattern +1 ATR
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