GBPNZD - Bulls on the Radar for Big Rise Again

FX:GBPNZD   British Pound / New Zealand Dollar
341 5 11
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
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
I am wrong...
Rocketman Rocketman
anyone have any ideas, objections, scared out the GBPNZD trade? Still holding it for the medium term or monthly term?
Synapse Rocketman
Support was defended
Friday's 400 pips move is really amazing, it break below 2.15 for a moment, but climb back to 2.19 level at night. just a incredible pair.. i thought it will go down to 2.10....
+1 Reply
Here is my two cents: It is the fundamental, sentimental and predictive data-dependent, along with the technical reasons why I am entering GBPNZD on the long side very soon.

Anything could happen. This pair moves 200 to 300 pips in one day, if you are not day-trading this thing, then a stop could be as wide as 400 pips. So, got to be careful with managing this risk in case we are all wrong, even with the good odds.
+1 Reply
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