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EUR/NZD: Bearish Rejection Of Market Hot Spot

Published 01/11/2014, 10:53 PM
Updated 07/09/2023, 06:32 AM
EUR/NZD
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<span class=EUR/NZD Weekly Support Chart" title="EUR/NZD Weekly Support Chart" width="452" height="351"> 

So, the first NFP release came out last week and sent shockwaves through the market as the job report was much worse than expected. The AUD and NZD certainly gained a lot of ground from the release and as a result a nice short price action signal developed on the EUR/NZD. The EUR/NZD has already aggressively sold off from a weekly resistance level, displaying angry bears in this market, now the market has retraced to test a swing level which did hold as new resistance as higher prices were denied. The Friday candle did close as a bearish rejection candle with a nice bearish close to the body. This area also lines up with the mean value dynamic resistance, creating a nice bearish hot spot in the market for sell signal to develop. Looking to grab retracement entries on Monday, if the trade works with us and plays out as planned, there is plenty of room for the market to move lower before hitting a weekly support level.

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