Most of the NZD pairs look to have downside coming – when exactly we don’t know, but don’t miss it.
EURNZD crawled back down to the Daily trend line. There’s space for another move up, look on a lower time frame an impulse up, small correction and then longs. This pair could break below the trend line, it doesn’t confirm downside, it might just consolidate further and then make its move.
My first target would be the 1.59 area, then 1.62 and then finally all the way up to 1.65. Stop would be relatively tight, I would look at the bottom of any impulse up.
This is a multi-week trade, so expect ups and downs, but the moves up can be fast so don’t miss the trade if it happens.
If this doesn’t make an impulse up and makes a slow move up, we’ll look for further shorts.