EURNZD Double bottom Breakout
Updated
The idea here is about Forex: Euro/New Zealand Dollar (EURNZD).
My view is bullish short term for the above mentioned pair due to the below observed technical factors.
Points as per TA on a Weekly Chart:
1. Double Bottom pattern completed and neckline broken on weekly chart and the target goes the same distance as the height of the pattern, up from the neckline as below:
2. Broken out of downtrend long back with false breakout and breakdown on weekly chart as below:
3. Support Established on 200 EMA as below :
4. Possible Butterfly pattern CD leg under formation and min Fibonacci distance from XD is 1.272 as below which can is considered as future target price:
5. Trading above 20 & 200 EMA on Daily chart.
6. Kumo Twist & Breakout on a daily chart is Strong and on weekly kumo twist is neutral & Kumo breakout is currently consolidating.
7. RSI is at 73.14 on a daily and 66.31 on weekly chart at the time of publishing.
8. MACD way above signal line on weekly & daily chart.
9. Hull Moving Average & other Moving average is a strong Buy Signal on Daily, Weekly & monthly chart.
10. ADX is at 54.46 on daily chart (ADX Value above 50 is considered as very strong trend) & 13.19 on weekly chart (ADX value below 25 is considered as absent or weak trend).
11. Volume Spike in weekly chart signals strong Momentum.
Projected targets provided in chart.
Stop Loss: provided in Chart.
Note: Please bear with me if there is anything which I might have missed. Since, I am publishing my first TA on Forex.
Disclaimer: “The above is an Educational idea only and not any kind of financial or investment advice. So please do your own DD (Due Diligence) before any kind of investment”.
Do you like my TA & ideas!!
Want to keep yourself updated with current market action? Then don’t forget boost & to subscribe for more analysis. Do leave your valuable feedback
& comments for any improvisations.
Cheers.
My view is bullish short term for the above mentioned pair due to the below observed technical factors.
Points as per TA on a Weekly Chart:
1. Double Bottom pattern completed and neckline broken on weekly chart and the target goes the same distance as the height of the pattern, up from the neckline as below:
2. Broken out of downtrend long back with false breakout and breakdown on weekly chart as below:
3. Support Established on 200 EMA as below :
4. Possible Butterfly pattern CD leg under formation and min Fibonacci distance from XD is 1.272 as below which can is considered as future target price:
5. Trading above 20 & 200 EMA on Daily chart.
6. Kumo Twist & Breakout on a daily chart is Strong and on weekly kumo twist is neutral & Kumo breakout is currently consolidating.
7. RSI is at 73.14 on a daily and 66.31 on weekly chart at the time of publishing.
8. MACD way above signal line on weekly & daily chart.
9. Hull Moving Average & other Moving average is a strong Buy Signal on Daily, Weekly & monthly chart.
10. ADX is at 54.46 on daily chart (ADX Value above 50 is considered as very strong trend) & 13.19 on weekly chart (ADX value below 25 is considered as absent or weak trend).
11. Volume Spike in weekly chart signals strong Momentum.
Projected targets provided in chart.
Stop Loss: provided in Chart.
Note: Please bear with me if there is anything which I might have missed. Since, I am publishing my first TA on Forex.
Disclaimer: “The above is an Educational idea only and not any kind of financial or investment advice. So please do your own DD (Due Diligence) before any kind of investment”.
Do you like my TA & ideas!!
Want to keep yourself updated with current market action? Then don’t forget boost & to subscribe for more analysis. Do leave your valuable feedback
& comments for any improvisations.
Cheers.
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