EUR/NZD Technical Analysis
- Daily trend is up
- ATR is 121 pips
- 1.7103 is daily target
- Potential for 1.7200 zone
MEGATREND MAs: Bullish
D1 Chart EURNZD
- Point 1 low of 1-2-3
- Point 2 high of 1-2-3
- Daily 50% fib entry
EUR/NZD is currently trading at 1.7010, and we can see a potential bullish entry at 50.0% Fibonacci retracement level of the move from 1.6830 to 1.7180, which comes in at 1.7050. This level has acted as a support in the past, and the price may bounce off it again.
Therefore, we can consider a long position with a stop loss below the 61.8% Fibonacci level at 1.7000.
For targets, we can look at the ATR top at 1.7103, which is the highest point reached by the currency pair based on its average true range. Additionally, the swing zone is located around 1.7200, which is another potential target for this trade.
In terms of indicators, the MEGATREND MA’s are bullish, indicating that the price is likely to continue its upward trend. Therefore, we can expect EUR strength compared to NZD dollar.
Overall, a long position can be considered in EUR/NZD at the 50.0% Fibonacci retracement level of 1.7050, with targets at the ATR top of 1.7103 and the swing zone at 1.7200. Additionally, the MEGATREND MA’s are bullish, suggesting that we can expect further EUR strength against NZD.
This analysis, all the patterns and all entry signals and targets are a part of the Megatrend system Join my Telegram group to receive trading signals.
Cheers and safe trading,
Nenad
Summary of January trading results is HERE https://bit.ly/jan2023NKT
Cheers and safe trading,
Nenad