GBPNZD a hidden bullish divergence is taking shape.

Long

British Pound / New Zealand Dollar (FX:GBPNZD)

Updated

FX:GBPNZD British Pound / New Zealand Dollar

Technical Indicators Fundamental Analysis

GBPNZD is currently trying to recover from an aggressive downtrend due to the war in Ukraine. Technical indicators are showing a hidden bullish divergence on the daily chart and could signal at least a good bullish bounce. It is a high risk trade however, due to very uncertain fundamentals, as NZD has benefited from the events in Europe due to its geographical location and being linked to commodities prices.

Comment:

What a ride so far! The trade almost reached my target and then proceeded to drill down and break the support line. It is still open but I'm prepared to go into a recovery trade if MACD flips red.

Trade closed manually:

Reached target :)

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