Trade Plan for this Week
This week we will be looking a long EUR/NZD and GBP/USD opportunities.
EUR/NZD is testing multi year lows by the 1.60-1.62 region. This area has provided support to the pair on numerous occasions. The pair has been in a steady downtrend and has recorded negative closes for the previous 8 trading sessions. The daily RSI reading is deeply oversold. This along with the pair being at multi-year support provides a compelling reason for a bounce. I will be looking to long this pair close to 1.62 with stops below 1.6150 and targets of 1.65 and 1.6750.
GBP/USD is also coming up against a multiyear trend line and horizontal support in the 1.52-1.5250 region. We will be looking for buying opportunities in this region with stops below the reversal lows (potentially 1.515) and targets of 1.55 and 1.5750.
Chart 1: EUR/NZD (Monthly)
Chart 2: EUR/NZD (Daily)
Chart 3: GBP/USD (Weekly)
Comments
- Luv Sharma 499 days ago
Going long EUR/NZD for 50% position size at 1.6267. Stops below 1.615 for now.
- Luv Sharma 498 days ago
Adding the remaining 50% at 1.6205 for an average price of 1.6236. Stops still below 1.615. Looks like we may have the 9th negative daily close. This has not happened at least in the past 3 years.
- Luv Sharma 498 days ago
Out of EUR/NZD for a loss of 86 pips on 100% position size. Really disappointing markets.
- Luv Sharma 497 days ago
Taking another shot on the long side in EUR/NZD. Long from 1.6085. Stops below 1.6. Targets open for now.
- Luv Sharma 497 days ago
EUR/NZD now testing all time lows after 10 consecutive negative daily closes. Daily RSI close to 15. I will we shocked it we get a break and follow through.