EURUSD 1h DEMANDI like this demand zone area on the 1-hour chart. It is sitting on an already tested 4-hour demand zone (faded green area). The only thing it has against it is that it is counter trending against the downtrend of the Daily bias. But the consistent HHs and HLs tell me that price is going to rally for a while, probably to mitigate inefficiency and/or the institutional candle above on the Daily. With that in mind, I'm taking partials at about 1:5 but I am open to holding it much longer.
Institutionaltrding
Will the institution bear GBPNZD ?The Institutions have entered the trade at 1.91790 , 1.94230 and 1.95470. After a successful bullish swing trade they will start planning to exit the trade at a good price around 1.97650.
Now the institutions will re-enter as a bearish trade . Bearish movement confirmed at 1.96730 after it broke the bullish trendline.
I have entered the trade at 1.96881 as a swing trade and will exit around 1.91790 and I will add more short positions along the way after a bullish correction.
Fundamentals :
NZD :
- bullish data ( retail sales ex autos rose to 6.8 % from 4.8 % / retail sales rose to 2.5 % from - 2.7 % ).
- Important release date will be held this Wednesday '' RBNZ Interest Rate Decision '' , If the RBNZ is hawkish about the inflationary outlook of the economy and rises the
interest rates it is positive / bullish, for the NZD.
GBP :
- No data this week.
Technical :
- Start of bearish movement at 76.8 % Fibo at 1.96955 .
- Fibo 61.8 % exit trade at 1.92108.
- Important support levels 1.96165 , 1.95290 and 1.94220