EURNZD - 1 - 5 Feb 21 Week Trade Plan FX:EURNZD
Previous Month : Bearish
Previous Week : Bearish
Daily : Slightly Bullish
- EURNZD since 5Jan still ranging between 6980 / 6840 after a long term bearish trend since the top created on March 2020.
- The COT report still showing that 68% of institutional positions are Long NZD which is a bit less than last week, but still at it's highest levels since 3 years compared to 32% Short positions. This is translated on the chart with EURNZD sustaining it's bearish trend and we are seeing support levels broken every week.
- Seasonality showing that NZD should be ranging during Feb after reaching the top during Jan by reaching 6770 sup and slightly to the weak side.
- So with Current Range, COT and Seasonality; i'd expect EURNZD to be ranging and slightly moving up if we formed Support above 6980.
- Through trading several Months EURNZD, I prefer to see retracements to any move in order to have a range to trade to target created. So i recommend to Short after retracement or break and Resistance formation below broken Support and vise versa for Longs.
- We have important news for NZD on Wednesday for Employment and historical data shows 200 pip range on this news.
