NZD Weakness Offers Opportunities On EURNZD
Mon 23rd October 2023 : Daily Forex Strength Analysis
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 (Long) | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Alert Set | 1.8200 | ||
| Entry Price | If alert is tested we will place Buy Stop Order above circa 1.8205 | ||
| Stop Loss (Min) | 1.8135 | -75 Pips | |
| Stop Loss (Max) | |||
| Profit 1 | 1.8375 | +170 Pips | 1 : 2.4 |
| Profit 2 |
Risk warning: Trading carries a high degree of risk. Read more here.
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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Primary Focus Pair Chart:
Technical Observations:
- NZD is W1 and EUR is S2 on both tables.
- Weekly chart shows bullish price action.
- Price breached H1 consolidation.
- This consolidation could act as support for buyers.
09:00 GMT/BST Forex Strength Vs Weakness Tables:
