{"id":52834,"date":"2014-06-16T08:06:45","date_gmt":"2014-06-16T12:06:45","guid":{"rendered":"http:\/\/countingpips.com\/?p=52834"},"modified":"2014-06-16T08:06:45","modified_gmt":"2014-06-16T12:06:45","slug":"traders-looking-for-correction-before-eurnzd-downtrend-resumes","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/06\/traders-looking-for-correction-before-eurnzd-downtrend-resumes\/","title":{"rendered":"Traders Looking For Correction Before EUR\/NZD Downtrend Resumes"},"content":{"rendered":"<div id=\"inves-502834992\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">June 16, 2014<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>Technical Sentiment: <span style=\"color: #ff0000;\"><strong>Bearish<\/strong><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Key Takeaways<\/strong><\/p>\n<ul>\n<li>Flows to NZD ease on REINZ HPI -1.2% monthly drop;<\/li>\n<li>Market shrugged off the expected 0.5% annual inflation in the Euro zone;<\/li>\n<li>Short term double bottom at 1.5565 could launch a correction toward 1.5765.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><em>After a slow Friday, EUR\/NZD is off to an even slower start this week as short traders are reducing the pressure after hitting a major pivot zone in the 1.5565-85 area. A correction may be enforced from current levels, toward 1.5683 and 1.5765, mainly to shed the oversold conditions before the main downtrend resumes.<\/em><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Technical Analysis<\/strong><\/p>\n<p><a href=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/06\/EURNZD-16th-June.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4184\" src=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/06\/EURNZD-16th-June.png\" alt=\"EURNZD 16th June\" width=\"700\" height=\"343\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">EUR\/NZD is trading just above 1.5600, after a second perfect bounce off 1.5565. Although this short term Double Bottom reversal pattern does not quite have any strong momentum behind it, the timing and location adds to its credibility.<\/p>\n<p style=\"text-align: justify;\">Stochastic is in heavy oversold territory on both the Daily and 4H time frames, suggesting a possible bottom is forming in this area and a bullish correction is somewhat overdue at this time. 1.5565-85 was a fairly strong price pivot zone in the first half of 2013, consequently it is reasonable to expect traders are once again paying attention to it.<\/p><div id=\"inves-2457480663\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p style=\"text-align: justify;\">A rally above Friday\u2019s high of 1.5685 will confirm the double bottom, opening the way to the main area of interest: the previous support level around 1.5765. A strong rejection at this level could trigger another bearish leg for EUR\/NZD, with potential for a Daily Lower Low extending towards 1.5226.<\/p>\n<p>*********<br \/>\n<em>Prepared by Alex Z., Chief Currency Strategist at <\/em><a href=\"http:\/\/www.capitaltrustmarkets.com\/\"><em>Capital Trust Markets<\/em><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Technical Sentiment: Bearish &nbsp; Key Takeaways Flows to NZD ease on REINZ HPI -1.2% monthly drop; Market shrugged off the expected 0.5% annual inflation in the Euro zone; Short term double bottom at 1.5565 could launch a correction toward 1.5765. After a slow Friday, EUR\/NZD is off to an even slower start this week as [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-52834","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/52834","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=52834"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/52834\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=52834"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=52834"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=52834"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}