GBP/NZD Building up Bull potential

FX:GBPNZD   British Pound / New Zealand Dollar
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The GBP/NZD 4H chart is trading sideways for the most part. However, if we examine price action more closely, we see a recurring theme of sellers attempting to push the market down and getting rejected, with a series of long wicks on the bottom of the candles. This coupled with the fact that buyers are making slightly higher highs each time, indicates to us that buyers may soon gain control of this market and break higher. We're looking at the ascending trend-line as our line in the sand for the bulls, so long as the line holds without a close below it, we favour the upside.
good one Sam and to add your observation if you have noticed the PA since 9th of december the price is hovering around 100 days SMA. So far 100SMA is acting as good support on this . Even i see that soon the buyers will overcome over sellers and the price shoots up. Green pips
+1 Reply
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