I've been tracking this pair for a while now for my XABCD pattern which is now completed on the daily time frame and I going short on this one and looking for at least 900 pips on this. Good R:R almost 4:1 on this.
Trade safe and good luck.
Resistance at 2.0 held strong (daily double top)
Daily TL broken and retested.
4hr timeframe maintaining a lower high and rejecting TL
Looking to short down to new lower lows and then long term support at 1.83500
Bearish trendline holding strong with 3 rejections now. I will look to go short on the 4th touch of the TL around the 1.96420 area where the fib 0.786 retracement level also sits.
Stop loss comfortable above the TL and targeting a new lower low at 1.93200
Potential for nearly 6:1 RR
I was paying close attention to GBPNZD these last two weeks.
The reason is that the pair has recently approached a 2019's high and was strongly rejected.
Sellers have been pushing the market to the support line of a rising channel
and we see the complete reluctance of buyers to open long trades on dip,
Although on a larger scale GBPNZD is technically in an uptrend its at a nice daily supply zone @ 2.0000
I will be looking for shorting opportunities on the lower time frames
Any questions feel free to drop a comment or a message be happy to help
Quick update on GBP pairs.
It's rallied into some key resistance levels on my charts. This could potentially signify exhaustion and lead to speculative selling/profit-taking in the very short term.
Keep a watch on the formation of this daily candle, if it posts some kind of inverted hammer or outside day, then I may look to sell some GBP pairs next week in...
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:
2. BOE interest rate decision
3. NZD Interest rate decision
Entry @ ~1.97000-1.98000
SL @ 1.20050
TP @ 1.89575
The 2.00000 level is a key...