EURNZD’s efficient buy side liquidation in May opening has completely destroyed its 4H break-away gaps sending the price lower.

As a result, my May 2 long trade plan has exited in a minimal loss right away:

https://www.finlogix.com/analysis/20240502/eurnzd-intraday-analysis-and-trading-plan-for-may-2-2024

Both Europe and New Zealand have no high impact data release this quiet week.

Re-assessing the EURNZD’s high timeframe candles:

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

Monthly Candle: Last check is an Imperfect Red Shaven Bottom now a Red Body with a Longer Tail Wick

Weekly Candle: Previous close is a Red Long Upper Shadow with a Bigger Body current is Developing a Green Inverted Hammer

Daily Candle: Previous close is a Red Body with a Longer Tail Wick current Developing a Green Inverted Hammer

My previous EURNZD analysis has completely gone wrong. No excuse!

Fresh month low is printed on Friday but the yearly long-term bullish structure has remained intact.

Both the weekly and daily openings’ initial rally towards 1.80 have fallen short at 1.7950 level.

However, should last week’s lows hold, current weekly green inverted hammer might do some price action reversal to the upside even with upcoming 4H bear and death crosses.

No doubt we are seeing a strong selling pressure intraday that is fully supporting the bearish daily FVG that the completely retraced 4H break-away FVGs are part of!

Even though I got a series of losses on my past EURNZD trade plans, today I like to open a long position again!

I’m not discouraged at all by the upcoming selling pressures through its SMA crossings, looks good to open a long position at current levels.

A complex yet choppy structure and quite challenging to trade in long.

Best of luck. Hope this trade becomes a winner soon!

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 6, 2024

May 06 2024

Stop Loss -0.55%

Holding time 9d8hr

1.78979

Entry price

1.77999

Stop loss price

1