The EUR/NZD has built a strong bullish impulse. But price action has reached one of the main targets at Wizz 8. Could this create a correction?

EURNZD

 

Price Charts and Technical Analysis

A shallow pullback at Wizz 8 is indeed expected - despite the strong momentum. A bull flag or triangle pattern would confirm the potential wave 4 (orange) pattern. A breakout above the Wizz 8 level indicates an immediate continuation. Whereas a break below the support (purple) invalidates it (red x).

SWAT traders had the opportunity to find long setups based on momentum confirmation. As mentioned in the live SWAT webinar, this was indicated by the green dots and blue diamond (green box). Price action swiftly hit the target at Wizz 8 for about a +120 pips win. Now the question is whether the bullish swing is part of a wave 3 or C (purple). This will depend on the price action at the support zone.

fxsoriginal

 


 

The analysis has been done with the ecs.SWAT method and ebook.

Elite CurrenSea Training Program(s) should not be treated as a recommendation or a suggestion to buy or sell any security or the suitability of any investment strategy for Student. The purchase, sale, or advice regarding any security, other financial instrument or system can only be performed by a licensed Industry representative; such as, but not limited to a Broker/Dealer, Introducing Broker, FCM and/or Registered Investment Advisor. Neither Elite CurrenSea nor its representatives are licensed to make such advisements. Electronic active trading (trading) may put your capital at risk, hence all trading decisions are made at your own risk. Furthermore, trading may also involve a high volume & frequency of trading activity. Each trade generates a commission and the total daily commission on such a high volume of trading can be considerable. Trading accounts should be considered speculative in nature with the objective being to generate short-term profits. This activity may result in the loss of more than 100% of an investment, which is the sole responsibility of the client. Any trader should realise the operation of a margin account under various market conditions and review his or her investment objectives, financial resources and risk tolerances to determine whether margin trading is appropriate for them. The increased leverage which margin provides may heighten risk substantially, including the risk of loss in excess of 100% of an investment.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD struggles below 1.1750 as ISM Manufacturing PMI beats

EUR/USD is trading below 1.1750, down amid US dollar strength. The ISM Manufacturing PMI beat with 54.2 points, yet the employment component missed with 44.3, a warning sign ahead of the NFP. Fiscal stimulus figures are awaited.

EUR/USD News

GBP/USD falls toward 1.30 amid a greenback comeback, UK concerns

GBP/USD has kicked off the week on the back foot, trading close to 1.30. Concerns about a lockdown in London, uncertainty about US-UK trade talks are weighing on the pound. The US dollar is gaining ground.

GBP/USD News

Gold: Interesting Fibonacci extension projects a move to $2500

Gold has risen 10.74% in the month of July, the biggest monthly increase since February 2016. As the price is breaking all-time highs it's hard to say where the yellow metal could end up.

Gold News

ETH/BTC skyrocketing, Bitcoin stays above $11,000

The cryptocurrency market is influenced by leveraged positions liquidation. Cryptocurrency experts expect further growth amid a global flight to safety assets. ETH/BTC hits the highest level since May 2019.

Read more

WTI drops below $40 on demand worries, OPEC+ output increase

Crude oil prices posted losses last week and seem to be struggling to shake off the bearish pressure on Monday. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $39.85, losing 1.5% on a daily basis.

Oil News

Forex Majors

Cryptocurrencies

Signatures