EURNZD FBO?

Morning Dynamic Traders

Almost the end of another trading week. This week's been an interesting one. There have been pullbacks across some currencies and I was stopped out of a couple of trades - Gold and EURNZD. Remember, losses are simply the cost of trading and it's important to learn from the trade and then move on to new opportunities.

My blog from last week talked about a possible trend continuation for EURNZD and I had entered using MOBO. So let's see what's happened.
















It looks like price did a FBO. The bears found it difficult to keep control and allowed bulls to take over. Now price could continue north towards the VI or may find resistance at the major figure. Drilling down to the 4hr chart may help us further.

















Price is finding resistance at the VI which is also clustered with a fib breather level. The recent candles are suggesting indecision and a struggle between sellers and buyers. So what next? No one knows and I'm certainly not going to second guess. My preference is still to trade with the trend so I'll be keeping a watchful eye on this pair for continuation signals. The market needs to choose it's path before an appropriate trade can be placed.

I'm still in AUDCHF and EURAUD trades and managing accordingly.

Have a great weekend.
Sonia Molina