EURNZD +200 Pips : Can We Catch Another Ride?
Fri 11th August 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- EURNZD (Primary Focus Pair)
- EURCAD (Covered In Video)
- EURJPY (Covered In Video)
Our Interest (pending order)/Open Interest (live position)
| Price | Pips +/- | R/R (Max/Min) | |
|---|---|---|---|
| Entry Price | |||
| Stop Loss (Min) | |||
| Stop Loss (Max) | |||
| Profit 1 | |||
| Profit 2 |
Risk warning: Trading carries a high degree of risk. Read more here.
EURNZD was our top trade this week with price rallying over 200+ pips from our entry.
This combined with our EURCAD trade would make a +300 pips week if we closed out at the time this video was filmed.
EUR remains atop of the day traders table as the strongest currency and has moved up to S2 on the trend traders table.
NZD has moved from W2 on both tables to now W1 highlighting the weakness in that market.
This brings us back to EURNZD as we may be able to look for another position in this market.
We are looking for the price to rally into the next level of resistance which is 1.8400 -1.8500.
If that’s the case then we can look for opportunities on a pullback.
Prior highs on the H1 chart at 1.8160 could be a level of interest, as this holds confluence with a 50.0 Fib level, and the 50 moving average is coming underneath it.
If the price was to retest this zone, it could be an area buyers are willing to step in again offering us an opportunity.
Technical Observations:
- EUR is S1 and NZD is W1 on our tables.
- EURNZD is in a strong downward trend.
- Price could retest prior highs for support.
- Buyers targeting 1.8400 – 1.8500.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
