The Weekly Update: Targeting NZD Once Again

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EURNZD Technical Analysis

Last week we have highlighted we are monitoring EURAUD and EURNZD. Our attempt to long Euro Aussie was unsuccessful as the FOMC statement was released. After analysing multiple currency pairs we require additional confirmation to ensure the market will finally break outside its tight range. It appears the Euro is preparing for moderate gains, particularly against the US Dollar (USD) where a break above the neckline in the weekly chart is required to affirm the bullish trend.

EURNZD affirmed the downtrend we have anticipated not long ago although we were unable to fully capitalize over the hefty selling. The weekly close confirmed the price was able to close above its nearest support level, creating room for corrective gains.

EURNZD Weekly Chart

Please click on the chart to enlarge:

EURNZD Weekly Chart 11/10/15

EURNZD Weekly Chart 11/10/15

EURNZD 4hr Chart

Please click on the chart to enlarge:

EURNZD 4hr Chart 11/10/15

EURNZD 4hr Chart 11/10/15

Timing the entry with the 4hr chart is a difficult task. The 4hr chart is in the midst of an established downtrend as we note the lower highs and lower lows. Without the weekly chart EURNZD may post another dip lower below the 9 October, 2015 lows before correcting higher. The alternative is that the nearest support level will hold at 1.6934 after it was successfully tested by the market.

We have also noted NZDUSD reached its weekly resistance, which suggests the New Zealand Dollar is poised for corrective weakness. We must highlight that at the time of this writing this appears to be a temporary retracement and not medium-term trend. We therefore cannot opt for a full correction towards 1.7990 but set our target at 1.7530.

EURNZD trade alert’s details will be emailed to all members after 21:00 GMT before being updated on this page.

EURNZD Trade Alert Details

Please click on the chart to enlarge:

EURNZD Current 4hr Chart 11/10/15

EURNZD Current 4hr Chart 11/10/15

EURNZD long at market price: (1.7000)
Take profit: 1.7530
Protective stop: 1.6760
Estimate duration: 14 days
Risk Ratio (RR):  1 : 2.3 (approx.)

13/10/15 UPDATE:  EURNZD is trading 1.7149 at the time of this writing. Please click on the chart to enlarge:

EURNZD 4hr Chart 13/10/15

EURNZD 4hr Chart 13/10/15

We are closing 20% of the long trade at market price.

14/10/15 UPDATE: We suspected there may be a dip lower in EURNZD, which is why we did not shift the protective stop. An ‘instant’ recovery is unlikely as the corrective gains may be gradual.

15/10/15 UPDATE: The support as you may know gave way, triggering the protective stop loss order of the trade. Although the trade was in a decent profit EURNZD was unable to sustain the gains. We will revise the markets after the London close and focus on the next trade.

The Weekly Update: Targeting NZD Once Again

As EURNZD long trade is closed this page can  now be accessed by all traders. Open trades are restricted to members only. We have been providing trade alerts in the Forex market since May 2014.
The Weekly Update: Targeting NZD Once Again

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The Weekly Update: Targeting NZD Once Again

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The Weekly Update: Targeting NZD Once Again