I am thinking a short on the EUR/NZD, Its bouncing off the 200EMA on the 4H chart, STOCH has been overbought for a while, MACD is rolling down, Hitting off the 34 EMA on the daily chart which seemed to be a strong resistance area for a few months, EURX is hitting off the 34 daily EMA again seems to be a strong resistance for a couple months, as well price is stopping at the monthly pivot point, which stoch on the 4h chart coming out from being overbought previously. Thinking of entering off of the 12/26 ema cross on a 1h chart, Tp at about the 4h weekly pivot point, Anyone please chime in to help me, even if you think i shouldnt take this trade please say why. Thank you!
Hello, ‘Jay Boii 478’!
I am not a fan of Euro longs yet, because it defies market sentiment… but, the RBNZ’s rate decision
this Wednesday is probably going to be a stay or a cut, which may well depreciate the NZD…
If the NZD moved, say, back below the 0.75 level (against the USD), then the EUR/NZD would rally…
The NZD’s recent moves back up to 0.76 or above have been due to the USD weakness, but if/when
the USD should resume its bull trend, then a resumption of the falling NZD/USD trend (on the higher
time-frames, e.g. weekly) would de facto push crosses like the EUR/NZD or GBP/NZD higher, regardless
of whether the base currency were strong or weak…
My opinion? Wait until the RBNZ rate decision is over, then observe,
Ok noted, Thank you very much for the insight PipMeHappy!
I do like Euro longs and have been buying the dips. EURUSD has offered plenty of great longs with 300+ pips moves. I would buy the dips on EURNZD. Overall I think we will see the Euro continue its advance, I think the New Zealand is in for minor reversal (expect against the NZDUSD). I definitely do not like USD longs. In the end you need to trade based on your strategy and based on what you see.
Thank you for the advcie Rambo35! I had a short on the EURNZD and got out with 55 pip profit. Not great but not terrible. Still learning so all info welcome, Thank you again!