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Eurnzdsetup

EurNzd- buy at 1.77 zone?Two days ago, EurNzd put a nice Pin Bar in 1.76 zone visible on the daily chart and, with yesterday's bullish daily candle this completes a morning star candle formation. On h4 chart we can clearly see that the descending trend line is broken and now the pair is consolidating with a slight tent of correction (a flag more or less) 1.77 could be a good place for longs and only a drop under support would change this bullish outlook. 1.8 could be the target for bulls which gives them a R:R of more than 1:2
Long
by Mihai_Iacob
EURNZD Top-Down AnalysisHello Traders, Here is the Top-Down Analysis of EURNZD (Monthly, Weekly, Daily for direction and 4H for entry) for Week 41 - 05 Oct M > Market is moving in a rising channel. Price tested monthly support, faced rejection and started upward move. W > In its upward move price is unable to break resistance level. D > We can see an M formation and price should rise up to test the neck. While rising up price is facing rejection at supply zone and unable to break it through. Price is now testing support level and we expect a bounce up. As per COT EUR saw closure of more Long than Short, reducing net positions; EUR was very weak for the said week. EXY was positive last week though it reached resistance level and dropped. NZD saw addition of few Long and more Short reducing net positions, confirming weakness of NZD for the said week. ZXY improved its position last week. 4H > Price is now testing support/ demand zone. We should wait for price action at this zone for entry, a Long in case of rejection and Short if it breaks the level. We however have a bullish bias till neck of M formation. Pair Correlation > EURNZD has positive correlation with GBPNZD and EURAUD and negative correlation with NZDCHF and NZDCAD. This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions. Thank You AP17FX
Long
by AP17FX
1
EURNZDOnce again, market will always leave clues as to what it wants to do, I do not predict the market but my bias would be for a sell position seeing the price action clues on Monthly however before taking a position, I will wait for price to break through some of the identified zones. If on the other hand Price chooses to continue in the bullish run, I will equally wait for it to break through the zone before executing Kindly like and follow for more, thanks Past results does not Guarantee Future Results, do your due diligence. Trade Rules: Use proper risk management When the trade is taken, once in 20 pips profit, breakeven and protect your capital As trade moves, look for fresh entries in line with the position taken
by Mbjoey
EURNZD falling below 1.77000 what is the next level?EURNZD 📍 European central bank hinted that they will accommodate all kind of policy measures to help the economy. And the recent gain of euro will hurt the economic developments as Fed and ECB are eagerly waiting to depreciate their currency against one another. 📍 Positive risk on sentiment will help the New Zealand dollar and the lockdown measures in Auckland was the recent hindrance for the New Zealand dollar. There is no major economic events in this week apart from daily auction prices 📍 Positive vaccine news will boost the New Zealand dollar. In smaller timeframe the price is trading below the 50% Fibonacci and the major price action level 📍 RSI is below 50 level and turned towards south. Expected weekly trading range will be from 1.78000 to 1.73000 📍 After reaching the 1.82000 level which is August high price felled towards 1.74000 which is major psychological level too 📍 Price action level is currently acting as the support for EURNZD. And the golden cross was happened in 50,100,200 EMA 📍 1.77000 is next major psychological level acting as support for the bearish trend. 📍 We can open suitable selling positions from current level. And the potential take profit will be around 1.74000. Coinciding with 78.6% LTF Fibonacci level. Stop lose may place above 1.79750 is a low volume area 📍 Major trend line was broken on 25-Aug on Lower timeframe trend line was also broken 📍 Ichimoku cloud is also acting as a support for the selling of this pair
Short
by forexorbit
3
Elliot Wave Analysis: EURNZD Setup UpdateEURNZD 4 hourly chart above shows a sharp decline that can be seen as a five-wave impulse pattern, labeled i-ii-iii-iv-v. According to the theory, impulses show the direction of the larger trend. In other words, once the current corrective recovery that's unfolding as a "w-x-y" double zigzag ended, traders should expect more weakness to follow. - The breach of the green line will confirm the correction is completed. - Targets below wave (a) low is plausible the week ahead What's your thought on EURNZD? Let me know in the comment.
Short
by Veejahbee
4