EurNzd Short Setup Trade plan

Summary
The Kiwi has been the strongest across board for quiet some time now. Price managed to break down a key support level of 1.51138, that had been tested 3 times prior to the break out, during the first week of November. This level has been tested as the role reversal and price has been failing to break through it due to the 21 Moving Average acting as strong dynamic resistance/bears selling when price would come off it.

EurNzd Daily Chart

The pair has been bearish for most of the year where its momentum failed to break a key support level of 1.51138 at first. We then saw price retrace up against the prevailing trend contained within two parallel lines after it tried to break through support, by virtue of this, forming a flag pattern. Price then made a downside break out and a retest at the role reversal as resistance. It then continued trending downwards.

EurNzd H4 Chart

Price opened @ 1.48888 at the beginning of the week and covered up most of its losses with the bulls taking it all the way to the bull weekly target. Should price break down through a key support level of 1.50000 (psych), I am expecting to see it come off WPP and a retest at the role reversal, making a lower high before it continue down.

EarNzd H1 Chart

Price has been trading within a descending triangle with a key support level of 1.50470 holding. Bulls ran out of steam and we saw a downside break of this level. It was then retested and price is now on its way down. I am expecting price to retrace up after the daily bear target has been reached due to some profit taking for another short opportunity.

2 thoughts on “EurNzd Short Setup Trade plan”

  1. Profile photo of Maryna Maryna says:

    Hope your trading account is full of $$$ as EURNZD has paid some nice pips!!

    1. :””””D haha It can never be full enough Maryna!

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