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,
There is no trend in the market and the price is in a range bound, but we forecast an uptrend wave above 1.0630 would begin in Midterm.
We will close our open trades, if the Midterm level 1.0630 is broken.
While the RSI support #1 at 53 is not broken, the probability of price decrease would be too low.
A peak is formed in...
nzdusd is standing on a 6 years low on a weekly.
recent false breakout of a previous structure low on a daily leaves us clues
that bearish pressure is exhausted.
currently, the market is started to contract within a symmetrical triangle formation
- a clear indication of high indecision.
though according to a...
. There is a possibility of temporary retracement to suggested support line (67.950). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. NZDJPY 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....
As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=0.631.
But the short term forecast is range bound, so we expect to reach the following targets:
Set the stoploss of these orders at breakout of S2=0.63.
Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of...
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
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...