The EURO versus New Zealand Dollar analysis. EURNZD Forex cross-pair has reached a strong monthly demand imbalance, trading at $1.6436. Expecting a decent reaction from this long-term imbalance. This Forex cross pair could provide lower timeframe and intraday trade setups for short-term traders. You should never go against a bigger timeframe imbalance. Instead, you should plan trades to trade with the support of these strong imbalances by using Set and Forget’s supply and demand trading strategy.
The New Zealand dollar has recently performed well against the Euro because it is often considered a proxy for Chinese growth. However, once a strong monthly imbalance like the one that took control on EURNZD as of December 2022, you should forget about any basic or advanced Forex fundamental analysis. Eurozone strength after the parity level and starting a reversal will benefit the EURO and weak the New Zealand dollar in the following weeks.
EURNZD Forex cross-pair forecast shared in Set and Forget’s online trading academy can be seen below. Hopefully, the EURO will get stronger against the New Zealand Dollar in the following weeks and this trade opportunity will start to lay out.
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