SamKent
Short

GBP/NZD 1H Analysis

FX:GBPNZD   British Pound/New Zealand Dollar
88 0 2
The GBP/NZD is in the process of a corrective bull move, following a highly impulsive bear move. As can be seen, recent price action has been very bullish indeed, with overbought readings on RSI and Stochastics. The overall picture is still bearish though, with the recent bullishness forming a flag continuation pattern and being corrective in nature. With this in mind, we're looking for the support and resistance zone, coupled with the 38.2-50 fib area, and finally we'd be looking for some momentum failure and/or some candlestick confirmation. Our entry should be at a point of confluence between these factors, with a fairly tight stop and a large reward in mind as is the case with trading with the trend and using the impulsive-corrective-impulsive probable sequence.
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