EURNZD has swept the buy side liquidity levels yesterday sending its price lower again.

As a result, my April 22 short trade plan’s stop loss level got hit:

https://www.finlogix.com/analysis/20240422/eurnzd-intraday-analysis-and-trading-plan-for-april-22-2024

There was only 1 European high impact data release last Monday while there are 2 in New Zealand that came out yesterday. Both have weaker results.

Re-assessing the EURNZD’s high timeframe candles:

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

Monthly Candle: Previous close is a Green Long Lower Shadow current is Developing an Imperfect Red Shaven Bottom

Weekly Candle: Previous close is a Red Body with a Longer Tail Wick current is a Green Long-Legged Spinning Top

Daily Candle: Previous close is a Red Body with a Longer Head Wick current is a Red Long Upper Shadow

May candle looks promising to the downside or price correction but there’s a potential turn around if the 1.80 levels become a support that can turn-around this bearish scenario.

To confirm this turn-around, the current monthly candle must become a Red Spinning Top first.

The current weekly candle structure is also supporting the potential turn-around.

On the 4H chart, even though we see a strong rejection on the 1.8150 levels indicating the buy side liquidity levels were hit, the breakaway FVGs might not be fully retraced.

Today, I’m changing my trading instance for the EURNZD even though my previous short trade attempt got stopped immediately for the 2nd try.

I want to say that this 2-day price drop is just a mere pullback before the next leg up.

EURNZD’s 4H 50-SMA is waiting and coinciding with the 1.80 level that must become a support.

Therefore I will long the cross with these entries:

This is an ambitious 300-pip move sling shot trade with a 3 to 1 RRR!

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

EURNZD Intraday Analysis and Trading Plan For May 2, 2024

May 02 2024

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