GBP/NZD has hit a line of recent resistance from last week and appears to be decling from this level.
This level coincides with the Pivot Point Supertrend SELL signal.
On the H2 time frame the RSI is well into over bought territory reading 76 and we're alos at the WM3 Pivot so all signs are that GBP/AUD BEARS will enter here and attempt to drive the price south.
With recent high close by we can get a tight 22 pip STOP on to protect the trade.
Target initially will be the WPP mid pivot at 1.9347 which is where the 200 EAM sits.
RBA Governor Bullock speaks at 22:30 GMT so we would need to get this trade to break even or +ve in case of anything BULLISH coming from the Governor as this would send AUD higher.
This level coincides with the Pivot Point Supertrend SELL signal.
On the H2 time frame the RSI is well into over bought territory reading 76 and we're alos at the WM3 Pivot so all signs are that GBP/AUD BEARS will enter here and attempt to drive the price south.
With recent high close by we can get a tight 22 pip STOP on to protect the trade.
Target initially will be the WPP mid pivot at 1.9347 which is where the 200 EAM sits.
RBA Governor Bullock speaks at 22:30 GMT so we would need to get this trade to break even or +ve in case of anything BULLISH coming from the Governor as this would send AUD higher.
Trade active:
9/2/24 08:37 Leting this trade run - price is now well under the 200 EMA on H4 and there's not much support below so should move lower (apolgies for mislabelling this GBP/AUD)