EurNzd- short tradeWe called for a drop in EurNzd for quite some time, thou the pair was reluctant, consolidating more or less above 1.72 figure.
We still consider that a major top is in place at 1.77 and we are at the beginning of a downtrend.
Strategy:
Sell the market above 1.72
SL @ 1.7360
Target 1.7 zone
Eurnzdforecast
EurNzd- sell the rallieYesterday, after a long consolidation and a tight range, EurNzd broke support at 1.73. The pair dropped over 100 pips and stopped at the next support at around 1.72.
Today EurNzd is correcting yesterday's aggressive move, and 1.73 should become new resitance.
Strategy:
Sell close to 1.73
SL @ 1.7350
TP @ 1.7
EURNZD Market Outlook | Alchemy FX Weekly Breakdown.EURNZD
Like EA looking very bearish on the higher timeframes. Shooting star on the weekly. On the lower-time frames there’s a bit more indecision in the market. I do favor more downside movement but we could pop up and retest highs before melting to the downside. Always keep in mind before huge moves there is usually a bunch of fake outs to stop out as many traders as possible before moving in the final true direction. Patience will be key we need to see how EN reacts, as stated I do feel if we get some strong downside pressure we could see EN completely melt.
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Next Retracement is coming... EURNZD short trade opportunityIn the image above you can clearly see a prime example of a double top which indicates a Reversal is coming. This pair is still in a Up Trend so I expect a short retracement down just like you see on the chart happend end June and July. The execution of this trade will take a view weeks I guess so a lot of patience is needed.