This pair found support at 61.8% Fibonacci retracement of the last big swing high. This level was also a great bouncing zone in the past. Recently on the first bottom of the pattern, RSI was extremelly oversold. Action: wait for a double bottom to complete at that level and buy next candle if RSI bullish divergence is in place.
This pair is in an uptrend....we have a breach of support here, but if price wants to touch back to our entry level, we may see some severe long covering, bringing prices at least up to the previous .618 swing. Lets see how it plays out.
GBPNZD may form Wolfe Wave 5 and then break-out of the channel to 0.5 FIB levels which also coincides with structural support and Wolfe 1-4 trendline.
GBPNZD Open Range Short Trade might be a runner - and a very nice one.... Weakness would be shown if we stay below yesterdays low.... It may just reverse at around the -f50% 1.985 as that looking left is a level of Support... but equally that would be a nice sign if it broke below... reversal point also at -f100% 1.978 Area... We are late in the...
GBPNZD completed a bearish Bat pattern and Elliott Wave 5. RSI shows overbought condition. All three factors signal a near term bearish trade although the long term trend is bullish.
GBPNZD is at what appears to be a pivotal week - whereby we might be set for some congestion as the market decides to reverse to the support zones of 1.98 / 1.97 or to break 1.99 . So in Shorter term this week we might see a retest of 1.99 and a break above which may prove to another largish week of 100% ranges - however equally this might be 1.99 rejection or...
The MTAutofib indicator is picking up the highs of 2006 and the lows of 2012 on the GBPNZD - current market structure was can see a sideways channel or volatility zone the lower which was set in 2012 and 2013 and is still in play 2014. The most notable effects of time must be the range of this volatility zone and the range contraction of all FX markets from this...
What a great respect of levels, solid structure with no gaps. If this double top holds, expect ret. to lower CZ boundary.
GBPNZD: Classical and harmonic structures signaling additional recovery Chart Setups: 1- Bullish harmonic pattern. 2- Potential inverse head and shoulders pattern with a confirmation line in the 1.9500 regions. 3- Prices are being carried by SMA20 from the underside. 4- Fibonacci retracement of 23.6% of CD leg was taken out, opening the door up towards 38.2%...