NZD Weakness Offers Opportunities On EURNZD
Mon 23rd October 2023 : Daily Forex Price Action
Today we’re looking at Trading Setups in:
- EURNZD (Primary Focus Pair)
- NZDCHF (Covered In Video)
- AUDCHF (Covered In Video)
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Our Interest (pending order)/Open Interest (live position)
EURNZD becomes our primary focus pair today as the NZD weakness remains.
EUR has appeared on the live forex strength vs weakness tables at S2 and NZD remains W1.
This means we can look for opportunities to buy EURNZD, in line with our technical analysis.
EURNZD weekly (W1) chart shows price closed as a strong bullish candle last week.
We can also observe that price found support at the key weekly (W1) lows of 1.7600.
Weekly (W1) highs of 1.8375, could be a good place for targets on any long opportunities.
Moving down to the H1 trading time frame, price has breached a consolidation which holds highs of 1.8200.
If price were to retest this H1 consolidation pattern at 1.8200, we could look to buy stop the market to see if price continues to move higher.
We also have a confluence of price being above the H1 50 moving average, as well as minor trend line support.
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