Eurnzdsetup
EURNZD 650 pips longHi there,
I'm sharing this interesting long term trade idea on EURNZD pair. We have two solid intact trendline on this pair Ascending and descending trend line. This particular trade is based on the ascending trendline which is intact since 2017 and agian we have seen a nice bounce from the trend line and from a major level. We can already see a bullish reversal on a smaller timeframe and I'm anticipating the same on the higher time frame.
Trade war and uncertainities should continue to drag Aussies and Kiwis while Euro should gain some strength in coming days as it has been rock bottom (Dead Cat) for some time now.
I have marked the tp and sl for you as well. Remember this is not a short term trade and it may take good few weeks before reaching closer to tp. Please use the correct risk manangement.
Any questions? Just ask.
Let me know your thoughts.
Trade safe and good luck.
EURO VS KIWI (EUR/NZD) Mid Term Trade Strategy & PlanRBNZ Expectations Survey , which featured downgraded official cash rate and inflation estimates, the Kiwi gave a fresh bearish trigger in the Asian trading session.
Real interest rate cut for the RBNZ decision this week has been boosted by this report, so it wouldn't be shocking if London session traders were to start positioning by today.
Earlier on, the pair bounced off the support at their ascending channel and distance, but might still have some bullish momentum higher for another split. Nonetheless, a step past the top of the channel could see a limited upside at the resistance level of 1.7500
The economic schedule shows that the eurozone has ZEW Economic Sentiment figures up for release, and forecast expected good from Germany and the entire region. If it's for real then this cross-currency could fly higher, especially with risk aversion creeping in ahead of Trump’s trade speech.
Moving averages reveal that EURNZD is safely in the bullish territory in short terms. Talking about the average volatility over the past 30 days that tells pair moves around 110 pips per day.
Dip back to the channel support around 1.73313 could be a good long entry area, with a stop below the weekly S2 of pivot 1.72767 (around the previous low of Nov 4). I have a bullish bias and have a plan to enter (if we get chance) from the bottom of the ascending channel but as we can see there some levels which our arrows in the chart pointing out for potential reversal zone (PRZ) and one can jump in and out of the trade depending on how the market news which are concerned to this two currency releases and how it shifts in sentiment and price action for this cross pair throughout the remaining days of the week. Happy Trading!
EURNZD 240MHello traders!
This is a short for 30 pips, catching price between lines B to C or for 60 pips between lines B to D. It`s recommended to position stop no further than 1:1 RR away from entry, although this may vary with markets and volatility. When price reaches line B, the trade could be taken with a sell stop order, set and forget, or could be taken depending on how each individual identifies momentum bar by bar.
Best,
Jay
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