The Euro New Zealand Dollar.

Good evening Dynamic Traders,

Tonights chart is of the EURNZD and was last mentioned on the 2nd November which offered a little over 600 pips.

Tonight you will see that after the breach of the strong figure and resistance price bounced up and then continued its downtrend as suggested but in doing so has made a possible 123 pattern.

As with most currency pairs of late the big moves are being followed by pullbacks or consolidations before deciding what to do next, this pair being of no exception.

Price action at present is providing a DT in a downtrend but as shown on the chart below the confluences are possibly pointing towards a further move north due to the 123.

With the 123 now making the DT the best way to trade is by a break of the top or bottom and then ESLT accordingly.

I am favouring the long side but am not predicting this and will trade either way should confluences direct.

As always please ensure to do your own analysis before trading.

Charts courtesy of AdvancedGet.

Good luck.

Clayton Farnworth.