The US Dollar is Still the King, But!
Despite a slight decline from its highest levels since 2002, around 109 range, it is just a correction, and the green king, the US dollar, will resume its rally…
EUR/NZD: where to sell?
2020-02-13 • Updated
EUR/NZD formed a “hanging man” pattern on the W1 and went down to trade below the 100- and 50-week MAs. The decline of the pair was caused by the weakness of the EUR because of the euro area’s low economic figures and the strength of the NZD after the policy meeting of the Reserve Bank of New Zealand. Technically the pair has potential to slide lower in line with the harmonic pattern.
On the H4, EUR/NZD formed an “Inside bar”. If the current candlestick at this timeframe closes below 1.6835, the pair will likely fall to 1.6775 (78.6% Fibonacci of the January-February advance). A break below the latter will open the way down to 1.6665 (January lows).
The near-term outlook will remain bearish as long as the pair remains below 1.6920 (50% Fibo).
Trade ideas for EUR/NZD
SELL 1.6770; TP 1.6700; SL 1.6790
SELL 1.6920; TP 1.6945; SL 1.6775
Similar
How will Jackson Hole Meeting Affect Markets?
What will happen? Federal Reserve Chair Jerome Powell will give a speech during the Jackson Hole Symposium on August 26 at 18:00 GMT+3…
Forex, Gold, Oil, and Stocks: What to Trade on July 25-29?
As central banks raise rates amid recession fears and companies deliver financial results, markets are super active and provide multiple trade opportunities. Let's see what awaits traders this week!
Latest news
The CAD vs. the World: Mid-Term Scenarios for the Currency
In the middle of September 2022, the Canadian dollar has fallen to a 2-year low against the USD
Fed Keeps Pushing USD to 2000s Highs
The US dollar index has all chances of reaching the 2000s high of 120.00.
Canadian CPI, Top-down Analysis and Trade Ideas
The Consumer Price Index announcement by Statistics Canada is set for release in a few hours will reveal the state of inflation in the Canadian economy
