EURNZD LONGPotential long trade. Price is once again approaching support both from the ascending trendline and the horizontal ray from October last 1.77000. Stop loss below the previous swing low of Apr 30th and targeting the resistance @ 1.8197.
If you have any ideas supporting or on the contrary to my opinion please feel free to leave a comment and we can trade it together.
Thanks and happy trading.
ÉireTrade CM
Kiwi
NZDJPY - Selling strength this morning NZDJPY is Bearish - We look to Sell at 64.46
▪️ Short term momentum is bearish.
▪️ A Fibonacci confluence area is located at 64.52.
▪️ Bespoke resistance is located at 64.46.
▪️ Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 64.46, resulting in improved risk/reward.
▪️ Expect trading to remain mixed and volatile.
Stop: 64.76
Target1: 63.56
Target2: 63.00
EURNZD - Looking for long entry on towards the 78.6% Retracement EURNZD is Bullish - We look to Buy at 1.7770
▪️ Continued downward momentum from 1.8179 resulted in the pair posting net daily losses yesterday.
▪️ We have a 78.6% Fibonacci pullback level of 1.7782 from 1.7661 to 1.8227.
▪️ Negative overnight flows lead to an expectation of a weaker open this morning.
▪️ As this corrective sequence continues we look to set longs on a dip at better risk/reward levels.
▪️ Expect trading to remain mixed and volatile.
Stop: 1.7685
Target1: 1.8065
Target2: 1.8150
NZDJPY - Buying at the trend of higher lows NZDJPY is Bullish - We look to Buy at 64.85
▪️ Short term momentum is bullish.
▪️ Bespoke support is located at 64.82.
▪️ The trend of higher lows is located at 64.82.
▪️ Positive overnight flows lead to an expectation of a firm open this morning.
▪️ Further upside is expected although we prefer to set longs at our bespoke support levels at 64.85, resulting in improved risk/reward.
Stop: 64.65
Target1: 65.70
Target2: 66.00
The Social Traders | EURNZD ShortHaving come from quite a large impulse to the down side I do believe we are due a slightly larger pullback/correction. to highlight we are still in a bearish cycle we have recently broken a daily low. My ideal area of interest would be on the 3rd touch of this descending trendline. In this region we line up perfectly with the 1.79000 key level and also the 50% fibonacci retracement level. This would be extremely clean.
NZD/USD showing weakness around the monthly high. Kiwi trading at the top of the monthly range and starting to show signs of decline.
Coronavirus risks keep weighing on the market’s trading sentiment.
Further downside could be restricted by a 200-HMA level of 0.6005.
C WAVE indicator showing short trend forming on the 12 hour timeframe.