EURNZD Longs If Stocks Hits Resistance?!
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Feb 07 2019
As commodities currencies turns down this week I think it's time to look at some of the crosses. I will look at EURNZD in particular as this one has a very clear path; five waves up from December 2018 low and then deep pullback which now appears completed at 1.6510 because of sharp rise out of the channel. We think more upside can be coming as current rally is looking impulsive, but as always we need pullback!
Another thing about possibly higher EURNZD is penitential turn down on stocks. Keep in mind that E-mini S&P500 is at resistance, so deeper pullback can be coming which may support EURNZD even more as longs on this one is risk-off play.
Please check video for more details:
Trade well, GH
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