EURNZD 11/5/2020 (MIDAZ TRADING STRATEGIES)

EURNZD

Last week our call on short for this pair was right.

NZ data release last week was positive, with ECB QE , lead to the fall on the pair.
Next week 13may , NZ interest rate decision we would most likely be stagnant at 0.25%.
As Employment in NZ has stabilized.

On the technical :
4H indicators shows oversold region, which holds the pair from falling further.
Daily support zone is another barrier the pairs have to break out to fall further.
Weekly trend is on the uptrend which shows some overrun in prices, which explains the recent cool off.

Our call: Any raise in price of >80pips = short the pair
We deem bears are still in control, backed by fundamentals. technical reading could help cool off the heat before pairs continue its direction.
Any breakout of daily support zone, short the pair further, If pairs bounce off this zone, get out quickly and re-enter at better price.