EURNZD continues to trade its down wave nullifying my May 21 bullish call. The February 24-26 bullish 4H FVG awaits.

As a result, my May 21 long trade plan has exited in another loss:

https://www.finlogix.com/analysis/20240521/eurnzd-intraday-analysis-and-trading-plan-for-may-21-2024

An updated overall record of 1 win and 8 losses already.

There are 3 European high impact economic reports starting on Thursday while none in New Zealand this week.

Re-assessing the EURNZD’s high timeframe candles:

Yearly Candle: Still a Green Long Upper Shadow since last check

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

Weekly Candle: Both previous and current are Red Body

Daily Candle: Previous close is a Green Long-Legged Doji current is a Semi Red Long Lower Shadow

I’m totally wrong with my previous analysis.

On the yearly view, more than 80% gains have already been given up in 2024 and the EURNZD bulls must protect the 1.74 levels to prevent a major price catastrophe.

A big, bad and ugly May candle! We can see bearish FVG aftermath too.

For now, most major currencies traded against Kiwi are experiencing weakness although I’m still hoping for a major comeback soon once proven deeper support levels hold themselves.

Since selling is more pronounced for now, EURNZD’s price may further drop to the nearby bullish 4H FVG.

Even so, I still like to open a long position within this FVG’s 50% retracement with a tight stop loss placed just a little above February 21-26’s lows.

If I’m right in what I’m speculating, the EURNZD bulls are likely to recover the price towards the drawn lower high trendline as my take profit objective.

Here are the new long orders to play this setup:

I’m still hoping 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 June 5, 2024

Jun 05 2024

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