Possible short term sell EURNZD

2019-11-06 16:06:44

Good morning everyone,

I would like to share this idea on EURNZD.

Following the up impulse that broke previous top, which is at the same time the last leg of the wave b inside of (B), we can expect the (C) wave for the bigger correction to be complete. Expecting it at least to complete a measured 1:1 move down, which is already happening, I think there is an opportunity on the final leg of this move.
After the flat correction, one could target the price to decrease to the green shaded areas , in which I would watch out for structure completion and change of direction.
Analyzing MACD, there is some divergence , which signals correction is not over yet and could potentially extend further down.

This analysis is NOT an investment recommendation, but simply an idea from a passionate self taught market enthusiast.