EURNZD Countertrend Sell
Updated
Nice opportunity to sell here now (or sell limit at around 1.75) with initial target at 1.70 as it seems like its creating a double-top now to ride possible short-term consolidation of EUR this week which will also serve as some kind of hedge if ever DXY suddenly breaks on the upside and resumes its climb to 100 instead of consolidating down to 96, esp next rate cut has already been priced in (ft.com/content/d706efb6-c8c2-11e9-af46-b09e8bfe60c0). Kiwi is also pretty much oversold and its economy underrated, so I'm expecting it to rally at least, if not fully bounce and recover, since it's still definitely influenced by AUD and the US-China trade talks.
DXY:
Weekly:
Confidence: B (uncertainties coming from US-China trade talks and my overall bias on a bullish EU despite its current geopolitical risks might cause some whipsaws; either just put a mental stop loss past 2018 high [~1.80] or wait for better confirmation and setup a stop order below 1.73 instead)
DXY:
Weekly:
Confidence: B (uncertainties coming from US-China trade talks and my overall bias on a bullish EU despite its current geopolitical risks might cause some whipsaws; either just put a mental stop loss past 2018 high [~1.80] or wait for better confirmation and setup a stop order below 1.73 instead)
Trade closed manually
Closing this now and locking in current gains before ECB meeting later this week.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.