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.

Free Trading Guides
EUR/USD
Mixed
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
GBP/USD
Bearish
USD/JPY
Bullish
Gold
Bearish
Oil - US Crude
Bearish
Bitcoin
Mixed
More View more
EUR/NZD Pending Breakout

EUR/NZD Pending Breakout

2017-04-07 14:36:00
Walker England, Forex Trading Instructor
Share:

Market Condition: EUR/NZD Pending Breakout

Bullish Target: ______ 1.5742

Bearish Target:______1.4908

EUR/NZD, Daily Chart with Range

EUR/NZD Pending Breakout

(Created Using IG Charts)

The EUR/NZD is trading in a 278 pip range as seen in the daily chart above. Resistance for the range is found at the March 27th high at a price of 1.5464. Alternatively support is found at the March 31st low of 1.5186. Traders may plan for a breakout in the EUR/NZD by setting entry orders to buy the market above resistance, and orders to sell the market below support. This way traders will be prepared for a breakout in either direction when the consolidating range concludes.

Upon a breakout, traders may consider using a 1X extension of the 278 pip range to find both bullish and bearish profit targets. This places initial bullish targets at 1.5742, and bearish targets at 1.4908. Traders may also consider managing risk at the center of the identified range. Using this methodology, breakout traders may create a 1:2 risk/reward ratio.

--- Written by Walker, Analyst for DailyFX.com

To Receive Walkers’ analysis directly via email, please SIGN UP HERE

See Walker’s most recent articles at hisBio Page.

Contact and Follow Walker on Twitter @WEnglandFX.

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

DISCLOSURES

News & Analysis at your fingertips.