Looking for a short when price returns to the overhead trend line. My short term bias on this pair in bearish due to the fact we are now quickly approaching January 31st and uncertainty around the short-term outlook for the pound increases in light of Brexit - therefore I believe the fundamentals are in favour of this trade. We have further confluence...
This is my first published article on tradingview, I am not experienced however I am learning so would appreciate any and all advice
I will be taking a buy on 38.2 fib level (~1.96880)
TP1 - 1.97180 (30 PIPS)
TP2 - 1.97380 (50 PIPS)
TP 3 - TBD
Please let me know what you think of my idea!!
Only NZD was more bullish than GBP last week making GBPNZD pair to retrace back inside the bullish wedge. Potential reversal level is at 1.99320, if this level is violated, then 1.97769 stands to reverse
Price has pushed down to a major level now and waiting for a bullish entry reason to go long on this. We also have a gap opening earlier on Monday opening. Market usually don't like gaps and tend to fill them up pretty quickly. I have marked the tp and for you but the trade is only valid once we see a bullish engulfing candle from where we are now.
Let me know...
GbpNzd at minor support overall a daily flag type pattern so it is added confluence. There is some lower level of support a bit lower which in my opinion is a bit more important and significant but still not a bad opportunity.
Shorting GBPNZD at the retest of daily pivot and fib 0.786 level.
These lower timeframes are showing lots of volatility but lower highs and lows now made. Higher timeframe bearish trendline rejected this morning.
Targeting a new 1hr lower low
Although this is a short term long but here we have a nice setup on GBPNZD. Price pushed up and pulled back and completed with a bullish engulfing candle which suggests uptrend for time being.
I have gone long and marked tp and sl for you as well. Trade safe and good luck. Let me know your thoughts.