JackLesko
Short

GBPNZD - Possible Short on the Daily

FOREXCOM:GBPNZD   British Pound / New Zealand Dollar
With the BXY looking for a retest following its recent breakout and the ZXY forming a double bottom . This could be a very possible setup from a technical point of view. Fundamental factors to consider are:
1. Brexit
2. BOE interest rate decision
3. NZD Interest rate decision

Setup:
Entry @ ~1.97000-1.98000
SL @ 1.20050
TP @ 1.89575

The 2.00000 level is a key level. If broken I believe this pair could traverse to the upside voiding this setup.
Comment: Waiting for entry still...
Trade active
Comment: Entered at 1.978
SL moved to entry
Comment: Daily rejection of 78.60 fib, possibility of going lower. Viable to add to short if daily candle closes below this retracement level.
Comment:
Comment:

Still running. Expecting a pullback to 1.95/1.96 before continuation. Closing half.
Comment:

As expected, a pullback was seen today. However, this was a fundamental move sparked by Brexit progress with regards to a deal that caused the surge upwards. This was stated initially in the trade idea as a fundamental factor to consider.

Incrementally taking profits is a good way of securing a trade as it progresses.
Trade closed manually: Closed other half at entry. Totals from this trade equate to +380 pips across half the position (closed half at 1.94).

The pound is performing very well from the positive Brexit negotiations currently happening. Major fundamentals have the potential to void technical analysis like in this instance.

What I've learned over the past few years is just how critical it is to use not only your eyes on the charts, but your ears for the fundamentals. Always consider both prior to entering a trade!
Totally agree with your analysis. I've been tracking this pair for some time now and waiting for an entry.
Reply
JackLesko BannaKhan
@BannaKhan, It's looking promising! Waiting for the next daily candle to confirm the setup.
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