EURNZD
This is my 07 – 11 June 21 Week Trade Plan for EURNZD
Previous Month : Bullish
Previous Week : Bullish
Daily : Bearish
- As anticipated last week, EURNZD played the range from 6650/7020 and with the daily solid close on 28 May it pushed it to the range high at 6980/7020 Res Zone with some Res formation on the way up at 6820/6860.
- As EURNZD still in range and no clear break out, i expect EURNZD to again test the range lows at 6700/6650.
- COT report showing that NZD shorts had increased their positions but still not convincing as it's only one week that showed that increase. Longs are still holding their positions. A confirmation that NZD shorts are into the market when i see 2 to 3 weeks consecutive increases in short positions .
- Seasonality showing that NZD will weaken till mid May and strength till end of May continuing into June to create new NZD highs which will lead EURNZD to create a new low.
- Technically, i'm looking for EURNZD to still range between 7020/6650, which makes me look for longs from range lows and shorts from range highs as long no break and support/resistance formation above Sup/Res zones marked.
- My plan for this week as EURNZD reached the top of the range, i'll look for resistance formation below the daily resistance formed and below the Res zone at 6980/7020 to short back to the range low at 6700/6650.
- My preferred longs will be above the Res zone 6980/7020 with support formation above on 4H.
- No major news this week for NZD and Monday is NZD Bank Holiday.
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