EURNZD is currently exhibiting the formation of an Anti-Shark Harmonic Pattern (XABCD) coupled with the presence of a significant Trendline, indicating potential bearish momentum on the horizon. This analysis delves into the technical factors influencing the currency pair's movement and proposes strategic entry and exit points for traders to consider.
Pattern Identification: Anti-Shark Harmonic (XABCD) with Trendline Confluence The observed Anti-Shark Harmonic Pattern (XABCD) on the 1-hour time frame suggests a potential reversal in the prevailing trend. This pattern comprises distinct points: X, A, B, C, and D, with Point D marking a crucial juncture for market participants. Additionally, the convergence of a Trendline further emphasizes the significance of Point D as a potential turning point.
Key Levels: Resistance Identified Point D aligns strategically with a key resistance level, reinforcing the likelihood of bearish pressure manifesting from this point. Traders should remain vigilant as price action nears this critical area, as it often serves as a catalyst for significant market movements.
Entry Strategy: Entry: 1.80900 Stop Loss: 1.81370 A prudent entry point at 1.80900 aligns with the anticipated bearish momentum following the completion of the Anti-Shark Harmonic Pattern. To mitigate risk, a stop loss set at 1.81370 provides a buffer against adverse price fluctuations, safeguarding capital in the event of unexpected market developments.
Take Profit Targets: TP-1: 1.80400 TP-2: 1.79900 TP-3: 1.79436
Strategically positioned take profit targets offer traders opportunities to capitalize on potential downward movements. These targets, set at 1.80400, 1.79900, and 1.79436 respectively, correspond with key support levels where price action may encounter barriers or exhibit signs of reversal.
Conclusion: In conclusion, the technical analysis of EURNZD on the 1-hour time frame indicates a favorable setup for bearish trading opportunities. With the formation of an Anti-Shark Harmonic Pattern and confluence with a Trendline, coupled with the proximity to a key resistance level, traders are advised to consider short positions with careful risk management. By adhering to the outlined entry, stop loss, and take profit levels, traders can navigate the market dynamics with greater confidence and precision.
交易結束：目標達成
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We reached TP-1 & TP-2. Price have moved up significantly. You can Move your SL to Break Even or Hold your trades if you still looking for TP-3
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trading_jupiter
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@TradingView, Thank you so much for selecting my publication for Editor's Picks! I'm truly honored and thrilled to be featured on the Home Page and tradingview.com/ideas/editors-picks/. Your kind words about the chart and description mean a lot to me. I'm grateful for the opportunity to contribute to the TradingView community and will continue to strive for excellence. Thanks again for the recognition and encouragement!
deadparkcity
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Yup we are 100% going down in the H1 timeframe, minimum target 1.79339, second target 1.78477
trading_jupiter
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@deadparkcity Exactly... You can use Trailing Stop loss to secure your profits...
This publication has been chosen for the Editor's Picks and will be featured on the Home Page as well as tradingview.com/ideas/editors-picks/.
Thank you for your valuable contribution to the TradingView community and keep up the good work!