**Monthly chart**
EURNZD has been in a large sideways range between 1.46000 and 1.85000 from the year 2017 till date. However, we saw the price peaked above 1.85000 level in Mar 2020 but it moved back into the range creating manipulation candles (MC) and then drifted lower until Mar - April 2022 creating another MC candles after testing the low at around 1.55000 levels. Since then the price started moving higher.
Last 4 months candles, the price was moving into a smaller range as it is testing the older manipulation candle of 2020. Last month candle was closed higher, while this month candle opened at the high and started moving lower. Therefore, the are trading opportunities on both sides, but we need to be cautious when identifying our trade setup.
**Weekly Chart**
The pair has been moving into a nice upward cyclicity movement since April 2022 which clearly can be seen in the weekly chart. But it failed to break the highs which were tested again in the last couple of weeks.
**Daily Chart**
Currently, the pair is at key area near the demand zone. Therefore, I will need to see if it is able to bounce from the demand zone closer to MC candle on a daily of 6.11.2023 to go long or short again if it reaches the MC candle of 23.112023. The setup can be seen clearly in lower time frames.
EURNZD has been in a large sideways range between 1.46000 and 1.85000 from the year 2017 till date. However, we saw the price peaked above 1.85000 level in Mar 2020 but it moved back into the range creating manipulation candles (MC) and then drifted lower until Mar - April 2022 creating another MC candles after testing the low at around 1.55000 levels. Since then the price started moving higher.
Last 4 months candles, the price was moving into a smaller range as it is testing the older manipulation candle of 2020. Last month candle was closed higher, while this month candle opened at the high and started moving lower. Therefore, the are trading opportunities on both sides, but we need to be cautious when identifying our trade setup.
**Weekly Chart**
The pair has been moving into a nice upward cyclicity movement since April 2022 which clearly can be seen in the weekly chart. But it failed to break the highs which were tested again in the last couple of weeks.
**Daily Chart**
Currently, the pair is at key area near the demand zone. Therefore, I will need to see if it is able to bounce from the demand zone closer to MC candle on a daily of 6.11.2023 to go long or short again if it reaches the MC candle of 23.112023. The setup can be seen clearly in lower time frames.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join our PropSignals Channels on Telegram
t.me/PropsignalAE
t.me/PropsignalAE
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.