EURNZD:Likelihood of Convergence of 2 Emerging Harmonic Patterns
تم تحديثه
Hello traders,
Trust you are doing great.
Below is my analysis of EURNZD currency pair.
The EURNZD pair, currently trading at 1.78462, is showing potential for a rally due to the convergence of two emerging harmonic patterns: a bearish Cypher and a bearish Butterfly. Both patterns suggest a potential move toward 1.81648, where their D leg projections align.
Key Highlights
Bearish Cypher Pattern:
X Leg: 1.82737 (October high)
A Leg: 1.78362
B Leg: 1.80714
D Leg Target: 1.81648
Bearish Butterfly Pattern:
X Leg: 1.80714
A Leg: 1.77412 (November low)
B Leg: 1.80401
C Leg: 1.77857
D Leg Target: 1.81648
The convergence at 1.81648 strengthens its significance as a potential resistance level and a critical zone to watch for a reversal.
Invalidation Point
A break below 1.77412 (November low) would invalidate both patterns and shift the outlook to bearish.
Conclusion
This alignment suggests a short-term rally, but the bearish nature of both patterns implies a possible reversal near 1.81648.
Do let me have your thoughts.
Cheers and happy trading!
Trust you are doing great.
Below is my analysis of EURNZD currency pair.
The EURNZD pair, currently trading at 1.78462, is showing potential for a rally due to the convergence of two emerging harmonic patterns: a bearish Cypher and a bearish Butterfly. Both patterns suggest a potential move toward 1.81648, where their D leg projections align.
Key Highlights
Bearish Cypher Pattern:
X Leg: 1.82737 (October high)
A Leg: 1.78362
B Leg: 1.80714
D Leg Target: 1.81648
Bearish Butterfly Pattern:
X Leg: 1.80714
A Leg: 1.77412 (November low)
B Leg: 1.80401
C Leg: 1.77857
D Leg Target: 1.81648
The convergence at 1.81648 strengthens its significance as a potential resistance level and a critical zone to watch for a reversal.
Invalidation Point
A break below 1.77412 (November low) would invalidate both patterns and shift the outlook to bearish.
Conclusion
This alignment suggests a short-term rally, but the bearish nature of both patterns implies a possible reversal near 1.81648.
Do let me have your thoughts.
Cheers and happy trading!
تم فتح الصفقة
+155pips done so far, about 200pips more to go.
أغلقت الصفقة: تم الوصول للهدف
+256pips done already
منشورات ذات صلة
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.