Good afternoon Forex Kings,
The NZD is weakening with the lead up to the RBNZ interest rate decision tomorrow.
We are now looking to buy the EURNZD with the lead up to the decision tomorrow.
We may look to close our trade prior to the statement tomorrow lunch time.
EURNZD – Daily charts
The EURNZD had a strong rally from the major double bottom at the start of the year. 1.7270 is a key resistance level. If there is a rejection from that level we could be setting up for a head and shoulders pattern. We are now looking to buy the EURNZD targeting the 1.7170 level initially. The 61.80% FIB level has provided a support zone.
EURNZD – 4 Hour Charts
Trade Setup: BUY (market order), stop loss 1.7050, take profit 1.7174
Stop loss: 50 PIPS
Take Profit: 74 PIPS
We may open the take profit tomorrow prior to the decision if we are in a good profit.