Good evening everyone,
I had a PM question from my followers, so I thought that I would share this with everyone.
When looking to trade a currency pair, I always would like to evaluate its correlated pairs to see if they are all showing/telling the same story. Let's jump straight into the analysis.
I was initially analysing the EURUSD Daily Chart
- Currently at support
- RSI not even at oversold yet - (potential more downside)
We have just completed a short trade on the EURNZD M15. Taking total of 30pips + 45pips in profits. If you missed the trade, CLICK HERE to see the trade ideas.
Now evaluating the Daily Chart of EURNZD.
- A bullish Pennant forming - indication potential move higher
- A bearish Butterfly Pattern completing higher
(Both hinting that this could go higher)
Trade Plan : If EURNZD starts to break above the Pennant, go Long until the completion of the Butterfly Pattern. Let's monitor this in the coming week.
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