EURNZD trade ideas
Bearish divergence in EURNZD pairThe RSI indicator is making lower lows whereas the prices are making higher highs, signalling a bearish divergence. Enter the trade around 1.7230 with first target of 1.71800 and the second target around 1.70937. The nearest Stop loss for the pair is kept at 1.73072.
EUR/NZD Technical analysisThe weakness in the Euro is blatant. And now it has formed right tilted head and shoulder pattern against NZD as well.
The price has broken the neckline and is setting up for huge intraday downside move.
Hence, we expect the pair to reach the support levels of 1.68633 and 1.68406 for the intraday.
EUR/NZD Wave analysisThe pair is sizing up for long-term bearish move and is now constructing only first two waves of an Elliott wave.
Second wave being an corrective wave has a three wave structure - ABC.
The breaking of the trendline indicates the commencement of wave C.
Hence, traders can take advantage of the near-term bullish bias and initiate long positions.
EURNZD BUY ~ 1.64900, TAREGT- 1.67000, SL- 1.63700
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EURNZD 4HNZD is getting stronger. SELLING EURNZD will be a good idea.
RSI is also below 50. TARGET: 1.64240
EUR/NZD Wave analysisAfter completing a short-term bull cycle move, EUR/NZD is poised for a corrective movement.
Also, it broke the trendline that embedded the bear cycle.
Hence we expect the pair to move retract to support levels at 1.64859 and 1.64626.
EUR/NZD Technical analysisEUR/NZD is at its long term bearish trendline in the 4-hour chart.
Taking into account, the dovish stance of ECB, we expect the pair to dive from here.
We anticipate the price to reach its support 1.64228.
POSSIBLE HEAD AND SHOULDER PATTERNEURNZD:- PAIR IS FORMING A POSSIBLE HEAD AND SHOULDER PATTERN ON DAILY TIME. WEAKNESS IN EUROZONE MAY FURTHER LEAD THE PAIR TO LEVEL OF 1.550
A trading opportunity to Sell in EURNZDMidterm forecast:
While the price is below the resistance 1.7390, beginning of downtrend is expected.
We make sure when the support at 1.6325 breaks.
If the resistance at 1.7390 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
While the RSI downtrend #1 is not broken, bearish wave in price would continue.
A peak is formed in daily chart at 1.6410 on 02/15/2019, so more losses minimum to Major Support (1.6325) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 44.
Trading suggestion:
There is possibility of temporary retracement to suggested Sell Zone (1.7115 to 1.7230). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.
Beginning of entry zone (1.7115)
Ending of entry zone (1.7230)
Entry signal:
Signal to enter the market occurs when the price comes to " Sell zone " then forms one of the reversal patterns, whether " Shooting Star " or " Peak ", in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone.
To learn more about " Entry signal " and special version of our " Price Action " strategy FOLLOW our lessons:
Take Profits:
TP1 : @1.6965
TP2 : @1.6815
TP3 : @1.6565
TP4 : @1.6325
TP5 : @1.5830
TP6 : @1.5255
TP7 : @1.4535
TP8 : @1.3875
TP9 : Free
EURNZD: Long till 1.7040?EURNZD is holding well above the 4H EMA.
In my opinion, long entries at 1.6725 for targets of 1.6850 and 1.7040 seems plausible.
Stops would be placed below 1.6650 if I decide to take this trade.
TECHNICAL ANALYSIS, FOREX, EURNZD#3
I leave this chart for educational purpose because I really didn't enter here but i definitely traded it in my demo acc.
Confluence 1: Formation of a perfect head and shoulder.
Confluence 2:Breakdown.
confluence 3: Retest with a decent bearish candle.
Stay humble.
Stay blessed.
Work hard.
EUR/NZD BUY STOP OUT LOOKEUR/NZD EXPECT BUY STOP TRADE.
TRADE : 1.66739
STOP LOSS : 1.64832
TAKE PROFIT : 1.68273
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