Tag: EURNZD Analysis

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.

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Most of the time, when the market gets near an important long term level, it tends to trade a short term range (which is what we call the “zone” – or The SF Box).

When it gets to that level there a fierce battle between buyers and sellers and it makes the market range.

And this is the time for us to look for range trades. For instance, this is the EURNZD hourly chart:

EURNZD

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Yesterday I wrote about the EUR crosses, I mentioned that most of them are in a bullish condition, therefore I’m looking for long opportunities on most of them.

But what if you had one of the EUR crosses in a bearish condition? How do you deal with it?

Here is how I do it.

As you already know, most of the EUR crosses are in a bullish condition, including: the EURUSD, EURGBP, EURCAD and EURJPY.

But that’s not the case for the EURNZD, in fact, the EURNZD is actually trading in a bearish condition. Yesterday it broke through an important support level and the bearish condition was triggered. Here is the chart:

EURNZD

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Are you watching the EURNZD?

I am, and if you are, looks like it just broke through an important support level on the short term range. This triggered a bearish market condition and I will only look for short opportunities:

As long as the EURNZD trades below 1.7124 I’ll keep looking for short opportunities.

Trade Safe!

Raul Lopez
Forex Training

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What do you think about the gap this Sunday after the US credit downgrade? I thought it wasn’t that bad, honestly when I saw the news Friday night I thought the gap was going to be larger… but its good after all, this way the market doesn’t screw up my analysis!

Anyway, just got the first signal of the week, and the winner was EURNZD, again… It is trading in a very clear bullish condition and looks like it will continue in this condition, at least until it reaches the next LT resistance level at 1.7429

Here are the details of my trade:

Entry: 1.7102
SL: 1.7013
TP: 1.7399

Trade Safe!

Raul Lopez
Forex Course

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I don’t know about you, but I think the best moment to look for  short opportunites its when the market breaks through and important LT support level and confirms it afterwards… this just happened with the Euro/New Zealand.

The EURNZD broke through important LT support level last week, it looked as if it was going to get rejected but it continued its way down giving us opportunities to keep looking for short opportunities:

As long as the EURNZD trades below 1.6649 I’ll be looking for short opportunities.

What do you think about the EURNZD?

Trade Safe!

Raul Lopez
Forex Course

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The EURNZD is trading in a very clear bearish market condition, yesterday it broke through an important short term support level (1.6863) and triggered its bearish condition:

Trading plan:

As long as the EURNZD trades below 1.6863 I’ll be looking for short opportunities. If it forms a significant pattern with downward pressure around the resistance level, I’ll definitely go short.

Long opportunities should be ignored.

Trade Safe!

Raul Lopez
Forex Course

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The EURNZD traded in between two long term levels for a while, but it now looks like it already broke the support level, allowing us to look for short opportunities:

If the EURNZD continues to trade below the broken level, I’ll look for short opportunities. The next LT support level is at 1.6941.

Trade Safe!

Raul Lopez
Forex Training

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