While NZD has been on a decline for couple of weeks, GBP on the other hand is strengthening. However, in the last couple of days, the GBP has been struggling to the momentum - creating lower-high. From H4, a break below 1.91958 could possibly indicate the pair will test the rising trendline or the next support at 1.90264.
PLAN YOUR TRADES AND TRADE YOUR PLANS
OK after 2 profitable trades on this Anglobritphilekiwialicious pair and a drunken 4am chat with the fella on my shoulder, we are going to contiue yesterdays form and bleed this sucka dry.
Missed the SHORT in this wedge so lets go LONG.
See you on the other side.
Here we have GBPNZD which is currently definitely in a bearish trend with multiple lower highs and lower lows forming on the 4hr timeframe chart.
Price is pulling back to the bearish trendline now and I envisage a potential lower high being formed at the fib 0.618/trendline zone which is around 1.85500
Alternatively, if we see no rejections of the fib 0.618...
Potential Long position on GBP NZD. Awaiting third touch of TL before entry.
Entry price also key pivot area for this pair.
My stop loss will be sat 30 pips below my entry
TP1- +30 PIPS
TP2- +50 PIPS
TP3 sat around the 100 pip area but be aware that there is fairly high potential for this being a 150 pip move
. There is a possibility of temporary retracement to suggested support line (1.8571). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. GBPNZD is in a range bound and the beginning of uptrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance....