EURNZD

Afternoon Dynamic Traders

Welcome to a new trading week. Due to NFP on Friday we saw some volatile moves on the markets and I was stopped out on some of my MOBO trades. At times like this, it's important to remember that losses are inevitable and are a part of trading.

A pair I'm keeping an eye on is EURNZD. The trend trading opportunity is clear - a BOB of the low would suggest further weakness and I will be looking to enter a short should this happen. But with the current pullback we're having, a reversal could also be a possibility and we should always be prepared for whatever the marker offers.

We've seen a BOB of the 2 from the 123786 bottom, but price then almost tagged the VIR and retraced. Could this be a bullish flag forming, in preparation for further strength to the upside? Note the RSI strength. Or is this simply part of the current pullback? Either way, whether a continuation or reversal, a trade can be taken with the correct confluences and confirmations. I will keep you posted on this pair when a possible entry is lining up.
















Remain emotion free with your trading and remember that each trade is a unique opportunity and the past does not equal the now or the future.

Successful trading!
Sonia Molina