EURNZD
This is my 31 May– 4 June 21 Week Trade Plan for EURNZD
Glad that i'm back after a long break again to my favorite habit "Charting"
Previous Month : Bearish
Previous Week : Bullish
Daily : Bullish
- After creating new high at 1.7020 resistance, EURNZD couldn't hold a support above the resistance zone 6980/7020 along with previous week news on Wednesday that leaded for more NZD strength pushing the price into the tough ranging zone 6800/6680.
- The current drop in EURNZD still holding above the solid support zone 6650/6600 which could lead to a range plays from lows to retest the highs at 7020.
- COT report still showing that NZD longs are firm and at the highest of the year and shorts are still weak, which means that i do expect EURNZD to maintain the bearish momentum and continue it's down move and any spike in price up reaching a solid resistance level/zone is going to get rejected and will give a solid opportunity for Shorts.
- Seasonality showing that NZD will weaken till mid May and strength till end of May continuing into June to create new NZD highs which will lead EURNZD to create a new low.
- Technically, i'm looking for EURNZD to still range between 7020/6650, which makes me look for longs from range lows and shorts from range highs as long no break and support/resistance formation above Sup/Res zones marked.
- On Friday, RBNZ Gov Orr will have a speech on London session open which will cause NZD to be volatile, so taking cautious at that time will be recommended.
Daily Chart:
