$EURNZD looking like it is heading downward
Downward sloping descending wedge with a flat bottom. If we breakout of this formation and hold, we should sell off towards the $1.77100 area.
This would require either Euro getting weaker or NZD getting stronger, or both obviously. But the key here is sentiment. NZD would rally upon a risk-on sentiment for the week, but any bad news will cause this to continue ranging or even shoot up to break the upside depending on the catalyst strength.
My plan is to wait for this to start breaking down and look for a lower high to risk off of. However if the price swings upward then I am going to stay away from it this week. My bias is short and the intermediate term trend is down, so I would like to trade with that direction. The long primary trend is rising, so if we do hit near those lows, I would then start looking for longs again. But given last weeks price action, I think we could resume lower first, so until we get more information, I am thinking short for now.
Will update as price action progresses.
This would require either Euro getting weaker or NZD getting stronger, or both obviously. But the key here is sentiment. NZD would rally upon a risk-on sentiment for the week, but any bad news will cause this to continue ranging or even shoot up to break the upside depending on the catalyst strength.
My plan is to wait for this to start breaking down and look for a lower high to risk off of. However if the price swings upward then I am going to stay away from it this week. My bias is short and the intermediate term trend is down, so I would like to trade with that direction. The long primary trend is rising, so if we do hit near those lows, I would then start looking for longs again. But given last weeks price action, I think we could resume lower first, so until we get more information, I am thinking short for now.
Will update as price action progresses.
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