EURNZD 22-26 Feb 21 Week trade Plan

Feb 21, 2021

EURNZD

Previous Month : Bearish
Previous Week : Bearish
Daily : Bearish

- EURNZD failed to hold above 6820/45 resistance zone and rejected multiple time during last week tide range. Breaking lows on Friday reaching weekly planned TP2 at 6590. Refer to last week plan:

- The COT report showing that NZD buyers are still in control and increasing their NZD long positions. Still NZD sellers are not into market yet and this adds confirmations for EURNZD continued bearish momentum.

- Seasonality is showing that NZD will weaken till end Feb, but still NZD holding and continuing it's strength. We could see some reversals on EURNZD as we had created new lows, but still such spikes are opportunities for better shorts.

- So with Current solid bearish momentum, COT and Seasonality; i'd expect EURNZD to continue the bearish momentum and any spike will be treated as a good opportunity for shorts until a solid formation above 1.7020 level.

- Through trading several Months EURNZD, I prefer to see retracements to any move in order to have a range to trade to target created. So i recommend to Short after retracement or break and Resistance formation below broken Support and vise versa for Longs.

- Important news for NZD this week on Tuesday Retail Sales and Interest Rates for China on Monday.

Feb 21, 2021

Note

Updated weekly Outlook

Feb 22, 2021

Note

22 Feb - EURNZD Short = BE

Based on Weekly trade plan, looking for a resistance formation below 6620 will be an opportunity for Short to test the lows created at 6540 and continuation.
1H created a resistance, were i waited after which for an entry to Short.

After the 30m starting breaking the lows of the bullish candle, i entered Short at 6590 with SL above the previous res formed at 6615.

Trade went well and the 4H closed barely bullish. EURNZD started retracing during the opening of the new 4H candle from a minor 1H support at 6575 created today morning.

EURNZD retrace till 6604 creating a resistance lower than the previous one at 6615.

Trade went in 10pip drawdown but was confident that as long we don't reach again above the 6604 we can complete bearish.

EURNZD retested the support again 6575 and again bounced creating a support on 30m TF.

I didn't like this support created again at this spot tested 3 times today, so i exited the trade at BE.

Entry 30m Chart:
Entry candle close 30m Chart :
Price retraced on the 4H open creating another resistance 30m Chart:
Retesting the previous support formed 30m Chart:
Trade closed 30m Chart:

Feb 25, 2021

Note

25 Feb - EURNZD Short = L -9

Based on HTF Momentum, looking for bearish momentum continuation to test the lows created at 6320.

Asia session ranged and created a minor support at 6390

Pre-London 1H closed bearish below support indicating a bearish momentum continuation

Waited London open to give Resistance opportunity on LTF to Short. 30m closed bullish testing AH and the next 15m starting to dive showing rejection closing bearish, i went short once we are below the previous 15m bullish candle at 6371 with SL above AH and above recent Resistance.

Trade went in profit till reached a minor support on 30m TF which created a support on 15m that made me a bit hesitant to keep the trade as EN may bounce from that (putting in consideration that this support is not visible on 1H TF onward and also we are at all time lows very low levels on EURNZD)

Once the 30m closed bullish, i exited the trade with L -9 as i knew that EN going to reverse according to the reasons mentioned above.

Before i take the trade, i know that we are at very low levels and expecting EURNZD to bounce but was anticipating that EURNZD may test the lows created to confirm a support formed.

Entry 15m Chart:

Breakdown 15m Chart:

Breakdown 30m Chart:

Breakdown 1H Chart: