Trade for the day- EURNZD

Looking for a currency pair to place a short order? The EURNZD is our currency pair of interest. We see price consolidating around the July trendline (support turn resistance) with observable Higher highs and Lower lows forming an upward channel.

With Current price touching the upward channel which is also 127.2 Fibonacci extension level of the prior trend, we can expect a correction to the 1.54000 zone.

Other supportive technical bias are the All Timeframe Murray math line, where we see price retesting the 0/8th level on Monthly & Weekly timeframe and 8/8th level on Daily & 4hour timeframe, all ultimate reversal levels.

We can also observe a couple of candlestick reversal patterns (Shooting Stars and Spinning tops) on the 4hour timeframe.

100 period SMA on the daily timeframe pose a strong resistance to any further upside on this pair as price slightly touch the SMA and bounced back.

See more Snapshots below.

eurnzdh4

Pattern Formation

eurnzdh42

Murray Math Line

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