EUR/NZD Close to confirm bullish Wave B
|Hi traders
EUR/NZD pair is in a downtrend actually it seems to me that the pair had ended 5 waves down ... and waiting for correction wave A confirmation.
We will review different wave scenarios as the pair can either continue the bearish momentum or bounce for a new momentum and start wave B.
This article will discuss the wave perceptive and expected scenarios for the pair during the coming days using wave pattern, support and resistance, and SWAT software.
EUR/NZD Wave Pattern
As seen in the below chart the pair in a strong downtrend, and seems to me that the pair had finished 5 waves down and we are waiting for the confirmations of wave A... and here are the main conclusions:
- Wave 5 main target at -27.2% Fibonacci level was achieved.
- The price bounced from 27.2% level.
From my point of view, traders should wait for buy opportunity only as it matches with the expected wave a pattern... But still, need some confirmation will be discussed in the next paragraph by using SWAT software.
EUR/NZD SWAT Chart
Now its time to use the SWAT 4-hour chart to determine the entry points according to the expected wave patterns... SWAT Chart indicates a bearish momentum and needs some developments to confirm the bullish wave... Here are the main developments to consider:
- Need a pullback for the price and then continuation fro the upside with a strong bullish candle to close above the 21 EMA.
- Our target is testing the 144 ema, Or Wizz level 4.
So in my view, traders should wait for the confirmation before trading this pair.
Good trading,
Ahmed
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