EURNZD bearish cypher.
Here we have a Cypher pattern on the EUR/NZD 1hr chart.
Most NZD pairs are currently at a level of string support, and with my expected weakening euro, this pair should dip. (Albeit weak) daily support has been broken and I can see this Cypher formation taking price lower still.
As always with this pater, we will have 1:2 risk and our first TP level at 38.2%.
Cypher ratios
X:B = 0.382-0.618
A:C = 1.272-1.414
X:D = 0.786
Most NZD pairs are currently at a level of string support, and with my expected weakening euro, this pair should dip. (Albeit weak) daily support has been broken and I can see this Cypher formation taking price lower still.
As always with this pater, we will have 1:2 risk and our first TP level at 38.2%.
Cypher ratios
X:B = 0.382-0.618
A:C = 1.272-1.414
X:D = 0.786
Note
NZD clearly lost a lot of support today. This is down to reports that their Green Party will not support the Labour Party in voting to ratify a revised Trans-Pacific Partnership (TPP) trade agreement. Unfortunately I did expect this to be the case. And the curve continues.
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Related publications
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.