EURNZD - Looking for long entry on towards the 78.6% Retracement EURNZD is Bullish - We look to Buy at 1.7770
▪️ Continued downward momentum from 1.8179 resulted in the pair posting net daily losses yesterday.
▪️ We have a 78.6% Fibonacci pullback level of 1.7782 from 1.7661 to 1.8227.
▪️ Negative overnight flows lead to an expectation of a weaker open this morning.
▪️ As this corrective sequence continues we look to set longs on a dip at better risk/reward levels.
▪️ Expect trading to remain mixed and volatile.
Stop: 1.7685
Target1: 1.8065
Target2: 1.8150
Kiwi
NZDJPY - Buying at the trend of higher lows NZDJPY is Bullish - We look to Buy at 64.85
▪️ Short term momentum is bullish.
▪️ Bespoke support is located at 64.82.
▪️ The trend of higher lows is located at 64.82.
▪️ Positive overnight flows lead to an expectation of a firm open this morning.
▪️ Further upside is expected although we prefer to set longs at our bespoke support levels at 64.85, resulting in improved risk/reward.
Stop: 64.65
Target1: 65.70
Target2: 66.00
The Social Traders | EURNZD ShortHaving come from quite a large impulse to the down side I do believe we are due a slightly larger pullback/correction. to highlight we are still in a bearish cycle we have recently broken a daily low. My ideal area of interest would be on the 3rd touch of this descending trendline. In this region we line up perfectly with the 1.79000 key level and also the 50% fibonacci retracement level. This would be extremely clean.
NZD/USD showing weakness around the monthly high. Kiwi trading at the top of the monthly range and starting to show signs of decline.
Coronavirus risks keep weighing on the market’s trading sentiment.
Further downside could be restricted by a 200-HMA level of 0.6005.
C WAVE indicator showing short trend forming on the 12 hour timeframe.
AUDNZD ShortIm holding AUD/NZD short after breaking the bullish trendline from mid-March. After the break we saw a minor re-test followed by a close over the 50 EMA. Price moved to the downside before retracing to the 50 EMA and rejecting the 50.00%.
I entered this trade at 1.01992 and will be keeping an eye on with the aim to hit the -27.00%, SL moved to entry so this trade is now risk free.