The EUR/NZD is in a strong downtrend on the major time frames like the W1 and MN time frames. When analyzing all of the NZD pairs, the NZD is currently strong on all pairs. Traders can set an audible price alert for a sell at 1.5030, this price is noted on the chart below. The next major support is at the 1.4250 area or lower, also noted on the charts. We also have other sell plans based on NZD strength in our daily trading plans.
To perform the analysis of the EUR/NZD we used multiple time frame analysis by individual currency, which is very powerful and revealing. The analysis revealed that the EUR/NZD was in a strong down trend based mostly on the consistent NZD strength in the market. Currently, the EUR pairs are somewhat neutral or choppy. If any EUR weakness comes into the market, perhaps after tomorrow’s EUR news drivers on the economic calendar, we expect a strong sell off on this pair. The Forex Heatmap® and live heatmap alert system will keep us apprised of any EUR weakness in the market in real time.
The EUR/NZD is a great pair for trading. This pair fairly high volatility and can be traded in both trading sessions, the Asian trading session and the main trading session. It can be traded after NZD news on the forex news calendar in the Asian session. Trading 28 pairs with trend indicators and great tools like The Forex Heatmap® forex heatmap is far superior to scalping the EUR/USD over and over with unreliable technical indicators.