From Investor to Scalper is a cycle of analysis in which we take one financial instrument and the analysis includes a detailed look at the value from the monthly/weekly chart to the H1/M15.
EURNZD has been moving for a long time in a relatively broad consolidation between levels 1.40 – 1.80. Although the last declines did not reach the lower limit of this box, from the beginning of February this year we are again observing increases.
Looking at the daily interval, we notice that the entire growth movement is within a channel. It is worth noting, however, that due to the ongoing since the beginning of December this year declines pair has already broken the upward trend line, which is currently being tested from the bottom (as resistance).
Looking at the 4-hour interval, we notice that the price currently fluctuates around 38.2% of the Fibonacci correction. It is worth noting, however, that the market did not test from the bottom broken last week’s level of 1.7110, which coincides with 50% Fibonacci correction. A re-test and rejecting this zone could be a signal for next declines.
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In the near future, therefore, it is worth watching this currency pair. Personally, I’ve set up an alarm near the nearest resistance. The appearance of supply reaction in its vicinity will be a signal for me to open a short position.