The EURNZD has finally entered its discount array after a 1.81 breakout failure last week.

As a result, my March 29 short trade plan’s take profit level was hit:

https://www.finlogix.com/analysis/20240329/eurnzd-intraday-analysis-and-trading-plan-for-march-29-2024

There are 2 major economic releases in New Zealand which came out earlier while there are 3 in Europe due on Thursday.

The Kiwi continues to hold its gains against the Dollar after the RBNZ held its 5.50% cash rate.

Meanwhile, the flightless bird rose against the shared currency at the beginning of the week.

Re-assessing the EURNZD’s high timeframe candles:

Yearly Candle: Still a Green Body since last check but with a Longer Head Wick

Monthly Candle: Previous close is a Green Body with a Longer Tail Wick current is a Red Body with a Longer Head Wick

Weekly Candle: Previous close is a Red Semi-Doji current is a Red Body with a Slightly Longer Head Wick

Daily Candle: Previous close is a Red Body with a Longer Head Wick current is a Red Spinning Top

However, we can see a double top pattern on the monthly view.

The EURNZD has found its weekly support at 1.7850 level.

This level has been a problematic supply area until it was broken and flipped into a support on March 15-19.

Today, the level got backtested and somehow held up.

There’s an impending 4H bear crosses and strong selling pressures might break the 1.7850 level down.

A lower high trendline has formed coinciding it.

Based on the current LH TL formation, we can see a strong moving down with conviction from 1.8045 level.

I will open another short position through the following entries:

The EURNZD might rally upward back to the 1.79 but I’m willing to take the risk.

I’m taking profit on the next deeper discount array.