EURNZD Previous Month : Bearish
Previous Week : Bullish
Daily : Bearish – EURNZD retested the low formed at 6640 and formed a support on Feb 9. The bounce from 6640 extended to test resistance level 6780 and resistance zone at 6820/45 where it found solid rejection on Friday at the resistance zone but still holding above 6780/60 support zone . – The COT report showing that NZD sellers are still picking up but still not a confirmation that buyers are out yet. I anticipate that this could be the spike that EN does with each new low created and with the current support formed at 6640. – Seasonality is showing that NZD will weaken till end Feb, I anticipate that this week we could have the last strength for NZD before continuing weakness till end of Feb. – So with Current solid bearish momentum, COT and Seasonality ; I’d expect EURNZD to continue the bearish momentum and any spike will be treated as a good opportunity for shorts until a solid formation above 1.7020 level. – Through trading several Months EURNZD , I prefer to see retracements to any move in order to have a range to trade to target created. So I recommend to Short after retracement or break and Resistance formation below broken Support and vise versa for Longs. – No major news for NZD this week and China having Bank Holidays so not expecting major moves during Asia Sessions. Weekly Chart Outlook:

Monthly Levels: