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(Shorts) EURNZD Technical Analysis (May 18, 2018)Hello Traders, Today we focus on Euro and for clarity, we are net bearish on the Euro going forward. Because of this predisposition, we are only looking for short positions and right now we have identified one in the daily chart. In breaking down this we shall consider price ranges and market participation. In this case, volumes play a critical role in our determination. So, as we can see, prices are sliding down after rejection of higher highs on May 15. There, despite abnormal volumes, Euro bulls couldn’t push above April 26 highs of 1.730. What happened instead was a doji candlestick with a narrow trade range. The next day bears confirmed this sell move by closing lower with a bearish engulfing pattern. Now, the best time for loading should could have been on May 17 but still shorting today could present with chance to turn in a profit albeit with more stops. Considering this set up, our ideal stops would be at April 25 highs of 1.730 and take profits at 1.6950 and 1.67. This shall be our EURNZD trade plan for the next two weeks: Sell: 1.708 Stops: 1.73 Take profit: 1.695, 1.67 and 1.65 Let me know what you think. Have a good time!!
Short
by Kipyegonn
(Sell) GBPNZD Technical Analysis for May 3, 2018Hello Traders, It’s no doubt that the GBP has been on the upper edge for the better part of last year. Well, in my view, it might continue with its trajectory especially if there is an interest rate hike in the future. However, when we take a purely technical view, we expect GBP to lose ground and correct in the coming days. A top down approach can provide a proper mirror for my forecast. Note that we already have a stochastic sell signal from the overbought territory complete with bear pin bars following periods of consolidations in the weekly chart. Besides, this week has been purely bearish and we can see that long upper wick showing that indeed sellers are in charge. If it remains this way then we expect sellers to break below that support trend line in the weekly chart as NZD bulls aim to test 2018 lows at around 1.86. In the 4HR chart, sellers are currently testing the main support trend line and after periods of lower lows, the GBP might recover or as well break below that support line. Because the higher time frame takes precedence, it’s likely that sellers might lead the charge and in that case, we shall be waiting for that break below to happen before committing to this trade. As such, my GBPNZD Trade plan will be as follows: Sell Stop: 1.92 Stop Loss: 1.94 Take Profit: 1.86 Let me know what you think. Have a good trading day!!
Short
by Kipyegonn
NZD Bull charge-AUDNZD analysis-01.11.2017Hey guys, Time for some NZD bulls in this currency pair. Technically, in the daily chart, it is clear that a break out trade is in play. First, notice that support trend line break out on 15.09.2017, after that price corrected higher as a stochastic buy signal was printed after 02.10.2017. Between 19.10.2017 and 25.10.2017, there was congestion and a consolidation in the lower time frame which retested the support now resistance trend line at around 1.13. From there on-wards, check out that trickle down and a respect of minor resistance trend line at 1.12. Yesterday, price action closed as an inverted doji and made lower lows relative to the upper BB. Furthermore, notice that bearish divergence between price action and stochastics. It is now time to sell and I will trade as follows: Sell: 1.11 Stop Loss: 1.125 Take Profit: 1.05-1.08 Let me know what you think. There is so much to learn from our traders and analysts at Forex.Today. In fact we got awesome stuff right there. visit us today and learn more-https://tinyurl.com/AUDNZDAnalysis
by Kipyegonn