0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bearish
Gold
Bearish
GBP/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Mixed
More View more
Real Time News
  • Heads Up:🇮🇳 Inflation Rate YoY (JUL) due at 12:00 GMT (15min) Expected: 6.15% Previous: 6.09% https://www.dailyfx.com/economic-calendar#2020-08-13
  • UK Chief Negotiator Frost says our assessment is an agreement can be reached in September $GBP
  • Join @CVecchioFX 's #webinar at 7:30 AM ET/11:30 AM GMT for your weekly update on the world's most influential central banks. Register here: https://t.co/xCF8skC3Bz https://t.co/nV2YhbISnj
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here: https://t.co/2MCG036HGH https://t.co/PHVjArXYww
  • Repatriation flows for $AUD? https://t.co/vOfFPvq1Ts
  • 🇮🇪 Inflation Rate YoY (JUL) Actual: -0.4% Previous: -0.4% https://www.dailyfx.com/economic-calendar#2020-08-13
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.21% US 500: -0.22% Germany 30: -0.27% France 40: -0.29% FTSE 100: -0.77% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/pNdFxFzh7s
  • Triangle patterns have three main variations and appear frequently in the forex market. These patterns provide traders with greater insight into future price movement and the possible resumption of the current trend. Learn about triangles here: https://t.co/7FV2JAxssO https://t.co/qLvzxkHY8p
  • Heads Up:🇮🇪 Inflation Rate YoY (JUL) due at 10:00 GMT (15min) Previous: -0.4% https://www.dailyfx.com/economic-calendar#2020-08-13
  • 🇨🇳 FDI (YTD) YoY (JUL) Actual: 0.5% Previous: -1.3% https://www.dailyfx.com/economic-calendar#2020-08-13
NZDUSD Hits Support While EURNZD Highest in 3 Years

NZDUSD Hits Support While EURNZD Highest in 3 Years

2018-08-30 02:13:00
Jeremy Wagner, CEWA-M, Head of Education
Share:

Kiwi has found a difficult time increasing in the wake of the US Dollar weakness that began August 15. Today, NZDUSD has tested and broken a trend line in place since the low in the pair. This indicates the mood of the market may be changing.

Additionally, EURNZD has broken to its highest level since September 2015.

Therefore, it appears an opportunity exists to jump on NZD weakness. The favored trade is for additional strength in EURNZD and additional breakdown in NZDUSD.

Short NZDUSD

Short Entry: .6659

Stop Loss: .6720

Target: .6575

Risk to Reward Ratio 1 to 1.4

Long EURNZD

Long Entry: 1.7570

Stop Loss: 1.7354

Target: 1.8000

Risk to Reward Ratio 1 to 2

(We studied millions of live trades to find what makes some traders successful over others. Risk to reward ratios was a common trait so we used that in our Traits of Successful traders research.)

What Elliott Wave are we in now?

From an Elliott Wave perspective, a broken support trend line is a negative pattern. This elevates the probability that the increase from August 15 is a three-wave rise labeled as a zigzag.

If NZDUSD was about to explode higher, it would have needed to bounce higher immediately to hold above the trend line. Therefore, a break of the trend line opens the door to further losses to retest the August 15 low.

Additionally, the percentage of traders who are long NZDUSD have increased over the past 5 hours from 61% to 65%. This is an additional bearish signal.

nzdusd chart with elliott wave labels indicating a bearish reversal.

Though we are not specifically performing an Elliott Wave analysis on EURNZD, our viewpoint on EURUSD is that it is rallying in a larger corrective wave that may last for several weeks or months. This may be a medium term trend towards US Dollar weakness that NZD may not participate in. Therefore, pairing EUR against NZD may have medium term potential.

eurnzd chart with price breaking out to 3 year highs.

Elliott Wave Theory FAQ

How does Elliott Wave theory work?

Elliott Wave Theory is a forex trading study that identifies the highs and lows of price movements on charts via wave patterns. Traders often analyze the 5-wave impulse sequence and 3-wave corrective sequence to help them trade forex strategically. We cover these wave sequences in our beginners and advanced Elliott Wave trading guides.

New to FX trading? We created this guide just for you.

---Written by Jeremy Wagner, CEWA-M

Jeremy Wagner is a Certified Elliott Wave Analyst with a Master’s designation. Jeremy provides Elliott Wave analysis on key markets as well as Elliott Wave educational resources. Read more of Jeremy’s Elliott Wave reports via his bio page.

Do you agree/disagree with Jeremy’s Elliott Wave count above? Include your comments and Elliott Wave chart in the comments section below.

Discuss this market with Jeremy in Monday’s US Opening Bell webinar.

Follow on twitter @JWagnerFXTrader .

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.