Currency Trading Commentary: 17 May
The longer-term trend for the EURNZD is bearish but in the near-term the picture is quite bullish.
The shorter-term EMAs are crossed higher and the price action is above the longer-term EMA filter, which has recently turned bullish.
Given that we’re only looking to take out a tiny move in the context of the multi-year trend, we don’t mind having a crack at longs.
Traders can set on stop buy orders at 1.666, with stops placed 165 pips (1.5 ATRs) below entry.