EURNZD Daily S/R| .50 Fibonacci| Swing High| 200 DMA
Evening Traders,
Second analysis – EURNZD- breaking out of Daily S/R where a retest is probable before continuation,
Points to consider,
- Trend Bullish (Swing High)
- Daily S/R Support (.50 Fibonacci Confluence)
- 200 MA immediate resistance
- RSI above 50
- Stochastics Buy Cross
- Local S/R Target
EURNZD’s immediate trend is bullish with a new swing high of from a double bottom structure. This allows us to have a bullish bias on the market.
The Daily S/R is immediate support; price is likely to respect this level as it is in confluence with the .50 Fibonacci.
The 200 MA is current resistance, historically price has been respecting it, and so a rejection here is plausible.
The RSI is above 50 and there is a valid buy cross on the stochastics, this is indicative of strength in the market as EURNZD holds structure.
Overall, in my opinion, EURNZD is a valid long with defined risk, price action is to be used upon discretion/ management of trade.
Hope this analysis helps
Thank you for following my work!
And remember,
In trading, everything works sometimes and nothing works always.”
Second analysis – EURNZD- breaking out of Daily S/R where a retest is probable before continuation,
Points to consider,
- Trend Bullish (Swing High)
- Daily S/R Support (.50 Fibonacci Confluence)
- 200 MA immediate resistance
- RSI above 50
- Stochastics Buy Cross
- Local S/R Target
EURNZD’s immediate trend is bullish with a new swing high of from a double bottom structure. This allows us to have a bullish bias on the market.
The Daily S/R is immediate support; price is likely to respect this level as it is in confluence with the .50 Fibonacci.
The 200 MA is current resistance, historically price has been respecting it, and so a rejection here is plausible.
The RSI is above 50 and there is a valid buy cross on the stochastics, this is indicative of strength in the market as EURNZD holds structure.
Overall, in my opinion, EURNZD is a valid long with defined risk, price action is to be used upon discretion/ management of trade.
Hope this analysis helps
Thank you for following my work!
And remember,
In trading, everything works sometimes and nothing works always.”
Join my free telegram! t.me/chartdoctorsanconsultants
Follow me on Twitter! twitter.com/pinkdawn__
Follow me on Twitter! twitter.com/pinkdawn__
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.