GBPNZD | PERSPECTIVE FOR THE NEW WEEK
The Pound bounced with a vengeance after seeing a Double Bottom structure on the weekly chart to continue her rally! A Breakout of N$1.93500 last week followed by a retest of N$1.94000 later in the week summons a rally continuation in the following week.
Tendency: Uptrend ( Bullish )
Structure: Breakout | Reversal Structure
Observation: i. The Pound finally found and Breakout of Bottom (N$1.91000) since the beginning of Decline in mid-August 2020.
ii. Breakout and Retest of N$1.94000 marks this level as a new Demand zone for the subsequent rally.
Trading plan: BUY confirmation with a minimum potential profit of 450 pips.
Risk/Reward: 1:3
Potential Duration: 3 to 10 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
NirvanaForex
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Tendency: Uptrend ( Bullish )
Structure: Breakout | Reversal Structure
Observation: i. The Pound finally found and Breakout of Bottom (N$1.91000) since the beginning of Decline in mid-August 2020.
ii. Breakout and Retest of N$1.94000 marks this level as a new Demand zone for the subsequent rally.
Trading plan: BUY confirmation with a minimum potential profit of 450 pips.
Risk/Reward: 1:3
Potential Duration: 3 to 10 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
NirvanaForex
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously