GBPNZD - LONG: 250 pip, approximately 2-4 day trade
4hr TF chart
VERY messy I apologise - Many markings and lines for the daily TF also
- There is a clear bullish channel on the daily TF
- You can see highlighted in the ellipses repeated bearish engulfings creating higher highs
- The 16 EMA has moved above the 48 EMA just after the first visible bearish engulfing high
- Price has rejected just after the 71.00%, just under the 78.6% many of you will have on your fibonaccis
- A hammer has been created followed by the most recent candle, a bullish candle, further suggesting the upwards movement
- Expect a rejection somewhere before or after the 250pip mark followed by more upwards movement to the 2.000 key level!
Many, many confluences, however, markets are volatile come Sunday so anything is possible, likely a quick upwards movement followed by bearish pushdown, I advise to not trade on Sunday and let the market calm down a little, then analyse and trade at your own risk, the repetition of this trend could come to an end, you just never can be too sure with Sundays, a relatively large SL is required so use a low lot size if you take this trade.
Best of luck traders!
VERY messy I apologise - Many markings and lines for the daily TF also
- There is a clear bullish channel on the daily TF
- You can see highlighted in the ellipses repeated bearish engulfings creating higher highs
- The 16 EMA has moved above the 48 EMA just after the first visible bearish engulfing high
- Price has rejected just after the 71.00%, just under the 78.6% many of you will have on your fibonaccis
- A hammer has been created followed by the most recent candle, a bullish candle, further suggesting the upwards movement
- Expect a rejection somewhere before or after the 250pip mark followed by more upwards movement to the 2.000 key level!
Many, many confluences, however, markets are volatile come Sunday so anything is possible, likely a quick upwards movement followed by bearish pushdown, I advise to not trade on Sunday and let the market calm down a little, then analyse and trade at your own risk, the repetition of this trend could come to an end, you just never can be too sure with Sundays, a relatively large SL is required so use a low lot size if you take this trade.
Best of luck traders!