Like most GBP pairs, GBPNZD is in an uptrend but conditions are stretched. H1 is particularly overbought so a pullback to 1.7768 area is preferred before any LONG trades are taken.
1.7594 is the 200 on the DTF and this is quite a distance under the current price.
Look to BUY on any dips.
here on GBPNZD as you can see we have a nice double bottom (with RSI divergence) right at the completion point of the Cypher pattern. Besides, this level is also a level of structure that lines up pretty well with the 618 retracement of the bigger leg.
The last bullish candle is the final sign of a possible reversal.
We'll see. Stops below the low,...
Traders Dynamic Index
TDI DTF Bullish
H4 DTI Bullish
Price trying to close above the 200.
Mildly BEARISH initially.
Wait for overbought conditions to ease and look to BUY. A close above 1.7760 area would be very significant.
lots of interesting ideas today. Here we have an advanced pattern formation, a Bat, that's completing right near the resistance level that was broken to the upside and that should now turn into support.
Whenever this kind of pattern completes at key structure levels i place my orders at the D point, with stops below X, and targets at the 382 and 618...
With the market base on the TDI across all time frames neutral and RSI within average range the immediate direction for GBPNZD is unclear. The mildly BULLISH structure remains intact and with a dovish RBNZD there's a fair chance we'll head higher. The 200 day sma on the DTF is the principle target at 1.7831 area and 1.7953 above that.
BUY on a return...
today i want to share a setup which is available at market right now. In this situation price si coming back to retest a daily structure zone (blue rectangle) after a double top formation that's been broken to the downside, as a confirmation signal of the direction it's headed.
You can short the market now according to the 2618 technique, with stops...
I see a potential downtrend using the XABCD pattern.....there's a pattern going as well for instance, it's touched resistance 3 times and touched support 2 times..
Also looks like a bearish flag formation has occurred as well so you should hopefully see market break through the 1.68610 support line.
I was watching the PM's statement of the UK's 12 Step Plan. (Sounds like an AA meeting) for getting out of the EU completely.
The GBPNZD long was initiated as the NZD v's GBP is the strongest most over extended of all the pairs on the Daily currency strength meter that I use.
Going for a 1:3 as per usual.
Going to play either a momentum long move with a 61.8% retracement, or will be short the market at the 127% extension. Planning to let the market decide where it wants to go and take a good RR. Both trades are over 3:1 risk reward:
LONG @ 1.7740
S/L @ 1.7594
TARGET @ 1.8150
SHORT @ 1.8030
S/L @ 1.8105
TARGET @ 1.7820
GBPNZD Monthly chart - correction on lower support Trendline. The formation of a bullish reversal in the shape of Tweezer Bottom or Railway tracks comes to mind.
This comes off the back of a Fib Projection outcome that has played out since August 2015. Price has moved 100% of the initial selloff. Correction in play. 76.4% fib level a potential 1st target.