Vladimir RibakovOwner, Chief Trader at Home Trader Club (Former Traders Academy Club), Owner, Chief Trader at Home Trader Club (Former Traders Academy Club) · Owner, Chief Trader at Home Trader Club (Former Traders Academy Club)

EURNZD Analysis & Trading Plan - 14 August 2024 #forex #trading #forexsignals #tradingtips #fyp

14 Aug 2024 · 1 min

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Vladimir Ribakov analyzes EUR/NZD and sees upside potential after a breakout above a falling channel on the daily chart. On the 4-hour chart, a bullish MACD divergence and support at the 38-50% Fibonacci retracement zone suggest the pair will continue higher if that level holds.

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Here is why I believe the Euro New Zealand has much more to offer to the upside. The daily chart breaks above the falling channel or consolidation, and after the breakout, it makes higher highs on the chart versus higher highs on the indicator. Classical synchronization. On the 4-hour chart, we had beautiful bullish trend when the price made higher highs, higher lows in a sequence. Pullback into waves, and at the end of the pullback, we got a bullish divergence— lower lows on the chart, higher lows on the MACD histogram. And the pullback stops on a key Fibonacci zone, so between the 38 to the 50% Fibonacci, it holds and bounces upside from there. As long as that holds, I believe the EUR/NZD has much more to offer to the upside.