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Eurnzdsell

EURNZD SEEMS TO BE READY FOR A MASSIVE DECLINEEURNZD has been in recovery mode for the past 10 months. The pair took off from 1.63323 in December 2018 low and climbed to as high as 1.76993 in October 2019. The daily chart above puts EURNZD's entire 2-month sell-off in 2018 and the 10-months recovery in an Elliott Wave context. The pair’s decline can easily be seen as a five-wave impulse. The pattern is labeled 1-2-3-4-5, wave 3 is the longest among the three impulse waves. The recovery looks like a textbook W-X-Y-X-Z triple three corrections. Waves W unfolded as an expanded flat pattern while wave X, Y, X, and Z can both be labeled as simple (a)-(b)-(c) zigzags. Once a correction is over, the larger trend resumes. Here, a sharp selloff from 1.79282 in October 2018 precedes the above-shown corrective recovery, so the larger trend is down. Also, note how the resistance level, wedge trend line, and 78.6% Fibonacci level discouraged the bulls in wave Z. This is another indication that the entire 5-3 wave cycle is complete. If this count is correct, last week's bearish reversal is the start of a major plunge, whose targets lie beneath 1.63323 in the long term. In my opinion, selling the rallies is a viable strategy as long as EURNZD trades below 1.76993 invalidation level. Instead of giving in to complacency, the bulls should take last week’s bearish reversal very seriously. Thanks for Reading! Veejahbee
Short
by Veejahbee
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. To see our full market break down join our Forex Telegram Channel link in my bio!
Short
by Layne_LV