GBPNZD-some retracement needed

FX:GBPNZD   British Pound / New Zealand Dollar
931 8 12
After a strong decline this pair is about to make a correction.
My main tool here is the bollinger band to band on D1 chart. We have also the 0.8860 fib retracement neart the zone:

This tecnique works in confluence with a divergence and S/R on lower TF, in this case H4 chart.

We have:

- Round level 2.3000 as support
- Strong divergence on AO (or MACD )
- False breakout

This is a counter-trend trade so be careful and always do your own analysis and plan.
Best regards.
Trade closed: stop reached
i am a newbie in trading and trying to learn. Can i enter this trade in 2.29850?
Reason is i saw that there is a bullish butterfly in 5 min chart and that the first time i draw a butterfly pattern and i am not so sure about it.
I think 2.3000 should hold, so your pattern could work
BLKS FullTimeTrader
Thank for the information.
fdtbeijing FullTimeTrader
My pre-planted order fielded at exactly 2.3.... heavy long , and thanks for your analysis. hopefully the pair will have rebounce. NZD is superb strong this week. Regards from Beijing
Do you think that GBPAUD could have some retracement as well? Possible bounce off 2.11000? I'm a little upside down off a trade from this morning, thought it was heading back to the top of the trend line. I hit my first target, then it turned and is now hitting the bottom trend line, as well as 2.11000 area. Retest?
Yes, doing a quickly analysis the GBPAUD could also make a pullback off 2.1100. Your analysis is good. I prefer this one because its extremely oversold and i want to backtest the bollinger band duplication. Regards.
Heelfan23 FullTimeTrader
Thank you FT!! Something else to look at for possible reversals on correlated pairs. Double tops on both NZDUSD and AUDUSD daily charts, as well as hitting 100% correction fib levels.
I agree, i also look at correlated pairs for clues. Those pairs are at critical leves and a correction there means a pullback here. On fridays also some retails traders take profits. Regards.
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