SIMPLE SETUP, price is clearly in a downwards trend and our red box is a clear resistance zone that will also line up with price hitting our trend line....Go for it and treat me to a pint after you make profits.... make mine a strongbow ;p
GBPNZD daily on the left, break of the trendline, potential bear market
H4 on the right, expecting a retest of the broken through trendline + fib level + reaction off smaller scale trendline for the sell orders to kick in.
The only thing making me unsure / dislike this setup is the uncertainty in the GBP and potential random spikes due to random news.
IG - smartmoneytrading
GN - 4H
Price is currently at the first magnetisation area, and looks like it wants to break through after failing to reverse at this area
As you know Teresa May is resigning as the PM on the 7th of June, so i do anticipate further downside to the main magnetisation area and you will see a stop/price momentum change when it does arrive at...
Wait for daily candle to close below the Trend line for a possible sell down to the different support levels. If the daily candle closes as a rejection then look for a buy. Always drop to lower timeframe for confirmation.
I will be looking to go long on this pair on Monday/Tuesday if the 1hr CTL is broken. The long will be invalidated if the previous daily lows are taken out
Target 1: previous daily high
Target 2: 0.27 fib extension
. There is a possibility of temporary retracement to resistance line (1.9635). 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 downtrend is expected.
. Price is below WEMA21, if price rises more, this line can act as dynamic...
NZD weighted index on the 12H time frame, we can see the market has tapped off a previous zone of reversal while creating convergence on MACD, and creating an inverted head and shoulder formation.
Seeing as NZD and AUD move the same way, and both currencies look very bullish, I expect NZD to gain strength across the board for the next month or so....