EURNZD
I am looking for a short position on this currency pair and to hold it on the long term.
Monthly: The price is recently making lower high (yellow trendline) which can be a loss of interest by buyers and a regain of interest by sellers. Based on my research, the third touch of a trendline can create important move if the volatility is hitting. Moreover, the candle which has been created for September is likely to be filled completely.
Weekly: The price tried to break 4 times the resistance at 1.7475 (+ one fakeout) and the resistance created on October 2018 hold. The last candle created show another rejection of the resistance.
Daily and 4h timeframe: The price was into a bullish wedge. I decided to wait the price to make an impulsive break and to come retest the minor broken support.
Target and Stop Loss: I will set up my stop loss from 50 to 100 pips above a resistance. About my target, the first target is at 1.7213, the second target is at 1.70 and the last target at 1.68 which the bottom of the channel. The risk/reward is between 5.77 and 11.54 (according to the stop loss).
The price did a pullback into the daily supply zone before dropping. I opened a short position at 1.7398 with a SL at 100 pips.
Let's see how it goes!