GBPNZD - Bulls on the Radar for Big Rise Again
Greetings Fellow Traders,
Feel free to take a look back on my GBPNZD analyses over the last several weeks/months, you know that I've had my eyes on a price channel that we've been trading in. This price channel if/when broken signifies a bullish continuation on a much larger scale (daily/weekly). It's something we have not been able to confirm but we are very close.
This past week, GBPNZD saw a fall back to the 2.15 level before rising almost 400 pips to finish the week off. I've posted the 4 hour chart here to look at possible ways for us to reach the upper resistance level.
However, here are the Daily and Weekly charts to give you a little more perspective.
On the Daily Chart you can see the potential double bottom. What better place to start a bullish continuation than from a double bottom. Remember though if you trade this pattern, that it's actual trade comes from a break of the peak between the two, in this case almost 2.25. My Bullish entry will occur long before this.
On the Weekly Chart we see a nice long wick with an ever so slightly bullish body. A break of the key technical resistance could bring a massive rise this next week.
Feel free to comment/like/follow
Feel free to take a look back on my GBPNZD analyses over the last several weeks/months, you know that I've had my eyes on a price channel that we've been trading in. This price channel if/when broken signifies a bullish continuation on a much larger scale (daily/weekly). It's something we have not been able to confirm but we are very close.
This past week, GBPNZD saw a fall back to the 2.15 level before rising almost 400 pips to finish the week off. I've posted the 4 hour chart here to look at possible ways for us to reach the upper resistance level.
However, here are the Daily and Weekly charts to give you a little more perspective.
On the Daily Chart you can see the potential double bottom. What better place to start a bullish continuation than from a double bottom. Remember though if you trade this pattern, that it's actual trade comes from a break of the peak between the two, in this case almost 2.25. My Bullish entry will occur long before this.
On the Weekly Chart we see a nice long wick with an ever so slightly bullish body. A break of the key technical resistance could bring a massive rise this next week.
Feel free to comment/like/follow
Comment:
Looks like we may have a Triple bottom on lower time frames. The support between the 2 identified lows was well defended - if it continues to hold we should make better progress for a continuation. If it breaks, we're looking at further downside within the channel near term. Keep an eye on the 4 hours and daily candle close for Thursday
