EURNZD Daily S/R| .50 Fibonacci| Swing High| 200 DMA

28 ก.ย. 2020

Evening Traders,

Second analysis – EURNZD- breaking out of Daily S/R where a retest is probable before continuation,

Points to consider,
- Trend Bullish (Swing High)
- Daily S/R Support (.50 Fibonacci Confluence)
- 200 MA immediate resistance
- RSI above 50
- Stochastics Buy Cross
- Local S/R Target

EURNZD’s immediate trend is bullish with a new swing high of from a double bottom structure. This allows us to have a bullish bias on the market.

The Daily S/R is immediate support; price is likely to respect this level as it is in confluence with the .50 Fibonacci.

The 200 MA is current resistance, historically price has been respecting it, and so a rejection here is plausible.

The RSI is above 50 and there is a valid buy cross on the stochastics, this is indicative of strength in the market as EURNZD holds structure.

Overall, in my opinion, EURNZD is a valid long with defined risk, price action is to be used upon discretion/ management of trade.

Hope this analysis helps

Thank you for following my work!

And remember,

In trading, everything works sometimes and nothing works always.”