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EUR/NZD Trap Update

EUR/NZD Trap Update

2017-05-01 16:20:00
Jamie Saettele, CMT, Sr. Technical Strategist
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This is an update to the EUR/NZD idea presented on 4/19. At the time, EUR/NZD was trading just under 1.5300 and I wrote that "I'm looking for major upside (could break a multiyear trendline) but would note just above 1.5800 as a spot to take some off if it works." EUR/NZD traded up to 1.5940 last week and is currently near 1.5800. This is a good level to go neutral from a tactical basis and realize some profits although I still want a piece because I think that the entire decline from the 2015 high will be erased in order to trade out the wedge (back above 1.8000).

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A definable period of sideways trading / corrective activity would allow for another entry. The election high from November at 1.5516 is a level to keep in mind as eventual support but I'll have a better idea of support as the cross digests its recent run.

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