EURNZD’s April 10-12 external supports were completely broken creating a swing low buy zone.

As a result, my May 6 long trade plan has exited in another loss:

https://www.finlogix.com/analysis/20240506/eurnzd-intraday-analysis-and-trading-plan-for-may-6-2024

There are no further high impact economic reports in Europe and New Zealand this Friday.

Re-assessing the EURNZD’s high timeframe candles:

Yearly Candle: Last check is a Green Body with a Longer Head Wick now a Green Long Upper Shadow

Monthly Candle: Last check is a Red Body with a Longer Tail Wick now a Red Body with a Longer Head Wick

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

Daily Candle: Previous close is a Red Long Upper Shadow current is developing a Green Spinning Top

EURNZD further extends its May losses after the convincing rejection of the 1.7840-1.7960 range!

We can see a big bearish May month candle after a 4-month uptick.

A daily bearish FVG has formed through yesterday’s close but the bulls have halted a further sell-off expansion which can be seen through the current 4H swing low consolidation.

From here, price might bounce off to challenge the flipped S/R area acting as a resistance.

I maintain my buying instance for EURNZD.

The current swing low consolidation is screaming a buy signal so I like to open a long position through the current 4H candle’s pullback.

I’m targeting the flipped S/R area above while putting the stop loss below the lower high trendline.

Hope this swing low area holds for a price recovery chance!

Best of luck. Hope this trade becomes a winner!

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 17, 2024

May 17 2024

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