NZD Strong EUR Weak Leads Us To EURNZD Opportunities
Mon 9th October 2023 : Daily Forex Price Action
Today we’re looking at Trading Setups in:
- EURNZD (Primary Focus Pair)
- AUDCHF (Covered In Video)
- NZDCAD (Covered In Video)
Our Interest (pending order)/Open Interest (live position)
NZD remains a strong currency on our live forex strength vs weakness tables.
On the opposite side to this is EUR which is a weak currency.
This should show us that EURNZD is in a downward trend or at least trading lower.
When looking at the hourly (H1) chart we can see price has recently traded below a consolidation which formed between Thursday 5th October and Friday 6th October.
On this same chart we can see price found support at 1.7550 on the 29th September.
This low could be targets for sellers of this trend.
For us looking to short the market, we want to see price trade higher first, this helps us with our risk to reward profile.
If price rallies and rejects the 1.7700 level within the hourly range, we would want to short this market, as long as the conditions remain.
Conditions being, NZD is strong, EUR is weak and price is in a downward trend.
So if we test the 1.7700 level we want to place a sell stop around 1.7665 to go with the momentum.
Target one would be the support at 1.7750, target two would be 1.7450.
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