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EURNZD Threatens Key Resistance Ahead of RBNZ- Longs at Risk Sub 1.59

EURNZD Threatens Key Resistance Ahead of RBNZ- Longs at Risk Sub 1.59

Michael Boutros, Strategist

Talking Points

  • EURNZD testing multi-year resistance- weekly opening range in focus
  • Updated targets & invalidation levels heading into RBNZ
  • Event Riskon TapThis Week

EURNZD Daily

EURNZD Threatens Key Resistance Ahead of RBNZ- Longs at Risk Sub 1.59

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • EURNZD holding below key multi-year trendline resistance
  • Resistance breach targets 1.6153, 1.62 (2011 low) & 1.6330 (September HDC)
  • Near-term support & bullish invalidation at 1.5590
  • Daily RSI struggling to hold above 70- pending support trigger in play
  • Key Event Risk Ahead: RBNZ Interest Rate Decision tomorrow

EURNZD 30min

EURNZD Threatens Key Resistance Ahead of RBNZ- Longs at Risk Sub 1.59

Notes: The EURNZD weekly opening range has taken shape just below key resistance with the long-side of the trade at risk near-term below the median-line parallel extending off today’s high (~1.59). Keep in mind the pair posted an outside day candle into resistance with intraday RSI reaching its stretching into the lowest levels in more than two weeks (look for resistance at 60). A breach above the MLP resistance targets the ML off the lows keeps the broader long-bias in play targeting subsequent resistance targets into 1.6153/62.

Bottom line: looking for short triggers while below today’s high with a break sub-1.57 shifting the near-term focus lower towards the 1.5590 region (area of interest for possible long-entries). Caution is warranted heading into the RBNZ interest rate decision tomorrow evening with the release likely to fuel added volatility in kiwi crosses. A quarter of the daily average true range (ATR) yields profit targets of 45-50pips per scalp.

For updates on this scalp and more setups throughout the week subscribe to SB Trade Desk

Relevant Data Releases

EURNZD Threatens Key Resistance Ahead of RBNZ- Longs at Risk Sub 1.59

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex,contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list

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