As the EURNZD seem to be in consolidation and moving sideways, the NZDUSD pair is grudually trading higher, in a narrow channel.
Let's start with EURNZD; it bounched of off 1.678 multiple times, with a couple of fake breakouts lower, Still trading below the neckline of the Head and Shoulder pattern of 19 october till 1 november (broke out of the pattern on that day).
With caution i have drew a new trend channel which might be developing right now, however this is very uncertain to me to be honest.
Another scenario i am thinking off is that it will bounce once more with more upside movement but price should not reach higher than the neckline of the head and shoulder pattern.
EURNZD
On the NZDUSD a rising channel is occuring, this could be caused by the good numbers on the NZD unemployment announcement. However i am still looking to short this pair. Reason for this, the unemployment numbers are IMO just a temporary boost for the economy of NZD. With the announcement of Jerome powell as new FED President, bias is Neutral and therefor i expect more strength for the US Dollar.
However we need to pay attention around the 0.6815 level for reversals. See below my chart for explanation.
1 Hour
Daily
Looking forward for more views on this pair!
Let's start with EURNZD; it bounched of off 1.678 multiple times, with a couple of fake breakouts lower, Still trading below the neckline of the Head and Shoulder pattern of 19 october till 1 november (broke out of the pattern on that day).
With caution i have drew a new trend channel which might be developing right now, however this is very uncertain to me to be honest.
Another scenario i am thinking off is that it will bounce once more with more upside movement but price should not reach higher than the neckline of the head and shoulder pattern.
EURNZD
On the NZDUSD a rising channel is occuring, this could be caused by the good numbers on the NZD unemployment announcement. However i am still looking to short this pair. Reason for this, the unemployment numbers are IMO just a temporary boost for the economy of NZD. With the announcement of Jerome powell as new FED President, bias is Neutral and therefor i expect more strength for the US Dollar.
However we need to pay attention around the 0.6815 level for reversals. See below my chart for explanation.
1 Hour
Daily
Looking forward for more views on this pair!
1