EURNZD slips as commodity currencies rally
|EURNZD, Daily
The AUD and NZD have outperformed today and along with the LONG positions on the AUD from January 4 I have entered a SHORT position on EURNZD following yesterdays (January 10) close. The longer term Weekly and Monthly charts are in strong downtrends, so this position is very much with the trend. The entry point at 1.5070 was a confluence of the 38.2 Fibonacci level that did not break yesterday, the 20 DMA that was breached this morning and the 50 DMA zone. The Parabolic SAR has remained negative since January 3, the RSI is 47 and falling and the MACD remains weak. Target 1 also coincides with the 14 DATR and the 23.6 Fibonacci level at 1.4948. Target 2 is below the lower daily Bollinger band and sits with the Weekly lower Bollinger band at 1.4860.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.