FX:GBPNZD   British Pound / New Zealand Dollar
1223 20 17
We have a spike acting as support on monthly chart near 2.25000

On D1 chart price overextended and RSI oversold

Here on H4 chart.
- bullish divergence near 2.2500
- engulfing bullish candle

Currency streght information:
- NZD extremely overbought
- GBP recovering from oversold levels

This is a risky trade, i will manage SL and targets manually.

Comment: First target hit, moving SL to BE
Just started watching this pair , and looked out for ideas. This was a great analysis and good explanation. Nice one . Thanks for sharing.

Do you have any latest outlook on this one. I was looking at this as below
Hello, my bias is bearish, the correction to the upside already finished. See chart below, that analysis is still valid. This is just my opinion and my prefered scenario right now. Regards

I will look for long like this
FullTimeTrader spesfinancial
Hello, thanks for sharing, i personally dont use breakout strategy because sometimes prices move fast and the risk reward ratio is not good. It depends on each trader's style. Regards.
spesfinancial FullTimeTrader
Sure, I'd like to learn more about your strategy. Keep following you.
traderghloh spesfinancial
Made more money when it shot like a star after the NZD news. From now on, trend change to uptrend.
@fulltimetrader what meter do you use, can you share? I use fx multi meter which indicates that the downside is at over 90% which then translates to an upward momentum...
traderghloh ImoneyCorp
It is shopping time to long gbpnzd - it is the moment.
FullTimeTrader traderghloh
Hello, i use a similar indicator you mention and the same way. Sometimes it is useful to choose extreme oversold or overbought currencies.
I was waiting for another big drop before I get it and it happened today and so I am in for a long setup. This now can go up to the levels of 2.400 even before it resumes it's downtrend. I am keenly following to see and will as well manage my stops manually but overall seems a good trade.
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