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EURAUD, EURNZD report for swing/day trades #5

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EURAUD look for swing short with potential right shoulder

Analysis for swing traders

EURAUD now inside major resistance shadow (see explanation for shadow below). Zooming out the pair resembles a potential head and shoulders chart pattern with price at right shoulder. Zigzag reveals trend as up-down-up so look for down as next leg.

Analysis for day traders

Continue long cautiously in line with current white week candle.

EURAUD weekly chart 05 by Colonel Kink Forex Reporter

EURAUD weekly chart 05 by Colonel Kink Forex Reporter | Source: Tradingview.com

Join discussion on EURAUD here.

EURNZD look for swing short at major previous support

Analysis for swing traders

1.676 – 1.68 is a major former support going back to November 2017. This is a major shadow with many lines inside. EURNZD -0.04% was resisted since the last 3 weeks. On top there is a 6-month range. All this calls for short.

Analysis for day traders

Since EURNZD -0.04% was stuck here for 3 weeks go for range play between current 2 shadows. Better strategy is to follow the short swing flow discussed above once it is established.

EURNZD weekly chart 05 by Colonel Kink Forex Reporter

EURNZD weekly chart 05 by Colonel Kink Forex Reporter | Source: Tradingview.com

Join discussion on EURNZD here.

Link to WTI, USDSGD report #04 here.

 

Notes: Technical Analysis states that previous turning points offer future potential support resistance zones.

1. Attach a horizontal line at each turning point in the past 12 months on weekly chart.
2. These lines leave a shadow.
3. Shadows are not evenly dispersed but tend to be clustered.
4. When multiple shadows confluence in a tight range, there is a dark shadow which will provide strong support resistance.
5. Look for dark shadow to offer next turning point.
6. Price will move quickly through empty spaces or bright areas.

Forex observations using the ColonelKinkSAR™ Method. Follow me on https://www.tradingview.com/u/colonelkink/.

I have no license to analyse/provide recommendation anywhere on Earth. I am a stranger. Bear your own consequence if you choose to listen to a stranger.

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