EURNZD, Daily
The strength in AUD and NZD overnight has helped my EURNZD SHORT position from last week (January 11) reach target 2 today for a total net gain of 210 pips. On Wednesday I wrote “The longer term Weekly and Monthly charts are in strong downtrends, so this is position 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 breeched 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.”
Disclaimer: Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of purchase or sale of any financial instrument.
Recommended Content
Editors’ Picks
EUR/USD keeps the bearish vibe above 1.0870
The EUR/USD pair trades on a negative note during the early European session on Tuesday. The major pair moves in a narrow range between 1.0866 and 1.0876 as traders prefer to wait on the sidelines ahead of the Federal Reserve's interest rate decision on Wednesday.
USD/JPY recaptures 150.00 and beyond, BoJ's Ueda in focus
USD/JPY extends gains beyond 150.00, as the Japanese Yen stays vulnerable amid a classic 'sell the fact' trading on the hawkish BoJ decision. The BoJ lifted the interest rate to 0% for the first time since 2007 and abandoned the YCC framework. Ueda's presser awaited.
Gold price hangs near one-week low, looks to Fed decision on Wednesday for fresh impetus
Gold price struggles to capitalize on the previous day's bounce from the $2,145 region and oscillates in a range during the Asian session on Tuesday. Hawkish Fed expectations, elevated US bond yields and a bullish USD cap the upside.
Why is the crypto market crashing?
The two most important contribution to the ongoing bull market is the meteoric rise in Bitcoin due to the ETF approval and the sudden interest spike in Solana ecosystem. But the recent move suggests that the upward momentum is dissipating and a correction looms.
Lots of tension ahead of this week's Fed decision
Last week, we got a strong round of US economic data accompanied by hotter US inflation reads. The takeaway of course is that there might be a lot more pressure on the Fed to be looking to scale back its rate cut outlook at this week’s meeting.