Hi Traders! EURNZD short term forecast and technical analysis is here. The way I would like to analyze the chart for setups is based on multi-timeframe confirmations because in my POV if we get more evidences on different timeframes for the same direction then it makes the setup much more reliable. If you would like to learn more about the way we trade and the technical analysis we use then check out the Home Trader Club Spoiler alert – free memberships are available! Let’s start our analysis from the highest timeframe which will be the daily chart here.
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On the daily chart, after the strong bullish move we had a correction in the form of a range. This range is formed by the highs and lows reaching parallel support and resistance zones. The price which was moving inside this range has broken above the top of it. Currently, it looks like the price is retesting this breakout, we may consider this as evidence of bullish pressure. Also, we could see that the price has created higher highs based on the MACD indicator, which is a sign of gaining momentum towards the bullish side. So everything looks good here for the bulls and we may now move down to one timeframe lower and look for evidences supporting this short term bullish view.
On the H4 chart, the price which is moving higher has created a bullish trend pattern in the form of three higher highs, higher lows, we may consider this as another evidence of bullish pressure. Generally, after a bullish trend pattern, we may expect corrections and then potential continuation higher. Also, currently there are no signs opposing this short term bullish view. In addition to this, the ADX indicator gave a bullish signal here at the cross of +DI (green line) versus -DI (red line) and the main signal line (silver line) reads value over 25, we may consider this as yet another evidence of bullish pressure. Also, we had a strong resistance zone and the price which was moving higher has broken above this zone and is holding above it. After the breakout, this strong resistance zone is acting as strong support zone for us. So based on all this, until this strong support zone shown in the image below(marked in green) holds my short-term view remains bullish here and I expect the price to move higher further.
EURNZD D1(Daily) Chart Analysis
EURNZD H4(4 Hours) Chart Analysis
It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this short term buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.
Also, don’t forget to protect your buy trade using a stop loss and make sure to set a target and keep a proper risk/reward ratio.
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Happy Trading!
Arvinth Akash
Home Trader Club Team.
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