This is why you should trade the EURNZD
Enough about the EURUSD?
As I said on my previous posts, there are other pairs with a clearer market condition.
To help you select the best currency pair to trade each day, ask yourself the following questions:
- So why should I trade the EURUSD rather than others with clearer market condition.
- Which currency pair has the clearest market condition?
- Does the long term charts support your trade on the short term charts (or vice versa)?
These are the type of questions that you should ask yourself every morning, before opening your first trade.
Are you with me?
EURNZD Long Term Analysis
As you can see on the chart above, the EURNZD was clearly rejected from an important resistance level and it is likely to continue it’s way down at least until it reaches the next LT support level around 1.5100
Does it mean that we can open our short trade now?
Not yet… we need to confirm this analysis in the short term charts.
EURNZD Short Term Analysis
You can see in the chart above, that the market traded in The SF Box for a while, but then the market broke the lower extreme of The SF Box, triggering a bearish condition.
This means that it is safe to look for short opportunities.
And that’s what I’m doing right now… looking for a short signal. We still got around 150 pips before we hit the next support level, which is enough to get a good trade.
What do you think about this analysis?
Do you ever trade the EURNZD?
Let me know in the comment section.