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RudiMarin

EURNZD: looking for a long position.

Long
Euro / New Zealand Dollar (FOREXCOM:EURNZD)  
RudiMarin Updated   
FOREXCOM:EURNZD   Euro / New Zealand Dollar
EURNZD
5
0
eurnzd
EURNZD has been falling sharply since the massive upmove that followed the French Elections. We are looking for long entries for a much higher move.
Comment:
Erratum: meant falling wedge, not rising wedge.
Comment:
Next week is RBNZ rate decision, we could close the gap and bounce higher,

Daily view:
snapshot
Comment:
with RBNZ in 2 hours time we can see EURNZD already broke its wedge. Should the tone be dowish, we want to see a strong impulse followed by a continuation type of pattern to trade the next leg higher.
An hawkish move from RBNZ could send the price much lower, maybe be for a retest of the large wedge broken after the French elections.
snapshot
Comment:
Buying Box has been reached and price bounced aggressively as anticipated. We are now seeking for a continuation pattern to add on long positions.

First target would be around 1.59

snapshot
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