EUR/NZD saw a huge spike last week reaching back inside the upward channel. The latest risk-off sentiment hurt NZD and other risk-on currencies driving them lower against its rivals. So far that is the main fundamental driver so far since NZD recovered a lot after RBNZ's last surprise cut and economic recovery setting them on a more neutral stance for a while. Short to mid-term going long on this pair makes sense, or as long as sentiment prevails on the risk-off side. By secular analysis, kiwi is somewhere in the middle ground between the most undercrowded and overcrowded currencies, giving me a clue that some extra upside might be limited for an extended period.
Entries are still to be made since market makers can make a significant gap in case of new emergency news! As it is instructed in the chart pullback can be considered as a better entry in anticipation of the next resistance breakout! But I would wait for new high, therefore new safe entry!
Entries are still to be made since market makers can make a significant gap in case of new emergency news! As it is instructed in the chart pullback can be considered as a better entry in anticipation of the next resistance breakout! But I would wait for new high, therefore new safe entry!