Fundamentally, we are waiting for the Reserve Bank of New Zealand interest rate decision which will typically cause some volatility in the market. We are expecting New Zealand to keep the NZD interest rate unchanged.
Technically, the GBP/NZD is setting up for a long setup. We are going long in anticipation, which is considered an aggressive entry. Our entry is around 1.7650 stop is going to be of 35-45 pips with a take profit of 110-115 pips.
After price breaks the 1.7680 level, we can safely trail our stops for a risk-free trade. We hope this will happen before the interest rate decision so we can be in a risk-free trade.
Technically, the GBP/NZD is setting up for a long setup. We are going long in anticipation, which is considered an aggressive entry. Our entry is around 1.7650 stop is going to be of 35-45 pips with a take profit of 110-115 pips.
After price breaks the 1.7680 level, we can safely trail our stops for a risk-free trade. We hope this will happen before the interest rate decision so we can be in a risk-free trade.
Comment:
We can safely trail our stops above break-even for a risk-free trade while we await for the Reserve Bank of NZ interest rate decision.
Comment:
We are trailing our stops a few pips below 1.7690 in order to secure a more advantageous reward:risk ratio. We have already paid ourselves on the risk we took on the trade when we first trailed our stops (Before NZ interest rate decision)
Trade closed: target reached:
Our take profit was hit. We banked a total of 110 pips on this trade. We move on to our next opportunity