EURNZD Higher
I think EURNZD moves higher from here.
overall thinking is that from a technical perspective it looks like we're forming a bullish flag as well as a nice double bottom around a key area on the chart. Going back through EURNZD you can see this level has been pretty important (purple line)
fundamentally i would say we've shifting to a more hawkish ECB for the EUR while NZD rates seem a little stale to me, people are becoming more concerned about a hard landing for the new zealand economy. We can see this in the EUR-NZD rate differentials where we have been moving higher since we've been in this channel.
ECB rate decision coming up this week which is why the stop is a fair bit away. I don't have too much of a view on the ECB right now in terms of decisions but likely hawkish with EUR CPI continuing to rise.
Not trading/investment advise, feedback welcome!
overall thinking is that from a technical perspective it looks like we're forming a bullish flag as well as a nice double bottom around a key area on the chart. Going back through EURNZD you can see this level has been pretty important (purple line)
fundamentally i would say we've shifting to a more hawkish ECB for the EUR while NZD rates seem a little stale to me, people are becoming more concerned about a hard landing for the new zealand economy. We can see this in the EUR-NZD rate differentials where we have been moving higher since we've been in this channel.
ECB rate decision coming up this week which is why the stop is a fair bit away. I don't have too much of a view on the ECB right now in terms of decisions but likely hawkish with EUR CPI continuing to rise.
Not trading/investment advise, feedback welcome!
ملاحظة
will be taking the position out here, 1.35 RR ratio and takes some EUR risk out ahead of ECB tomorrow as the market seems to have quite hawkish expectations of the ECB which could disappoint
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