ForceFollower

The GBPNZD Long-Term Analysis

FX:GBPNZD   British Pound/New Zealand Dollar
323 12 12
Ever since GBPNZD             made a swing low at 1.77 in April 2013 it's been following an upsloping median line set. However, the resistance at 2.105 has proved to be strong enough not to let it develop any higher. Is this triple top going to be restested ance again? As long as we observe price action above the dotted sliding parallel, it is still an option. We might even see a breakout, if the stepping up demand shows enough determination. On the other hand though, the ongoing correction is pretty impulsive in its nature, so a lot depends on how market behaves upon the retest of the 2.0 level, should it occur.
Both currencies are pretty neutral now in terms of their relative strength , with the GBP being a little bit stronger. The sterling has been losing momentum recently though, whereas the kiwi's being gaining it, so in the short term the odds are with the sellers. Now as the market is approaching the support level at about 2.02, it's interesting to see what happens next.
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Disclaimer:
There is a very high degree of risk involved in trading forex . I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.

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Trader.Artist21
2 years ago
Nice chart i like it .......i like the way you drow the trenline with price action ..............by the way can i copy your words on the bottom it sounds good about no responsibility heheheh
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ForceFollower Trader.Artist21
2 years ago
Thanks. It takes some time to find some slope that helps you read the price action. But when you find one, you know much more than from a simple trend line.
Yes, you can use my disclaimer. It's a short version of what I sometimes apply, but it should do. You can find millions of various disclaimers in the internet. Just choose the one that best fits your interests.
+1 Reply
gpuri
2 years ago
going to take long position sometime next week.
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ForceFollower gpuri
2 years ago
OK., but be careful. The momentum is favoring short positions now. Just wait till the bearish pressure dies out or at least try to enter as close possible to the dashed blue line, eg. around 1.965.
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gpuri ForceFollower
2 years ago
that is why I will wait until I see sign which I am expecting will happen sometime next week
+1 Reply
ForceFollower gpuri
2 years ago
Excellent! :-)
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MertErten
2 years ago
nice analysis,
long trade possible in 2-3 days.

bears got the upper hand now.
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MertErten MertErten
2 years ago
also GBP/USD very weak...
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ForceFollower MertErten
2 years ago
Thanks for the comment. Yes, indeed, the sterling remains one of the weakest currencies among the majors. Only the yen is still weaker.
Currently my attention is focused mostly on the strongest trends though - the yen pairs: USDJPY, NZDJPY, and CHFJPY.
+1 Reply
MertErten ForceFollower
2 years ago
I almost trade the same way:
pick the strongest and the weakest amongst majors - wait for momentum, go with the main trend.
exit at correction, repeat.

for abenomics JPY is the weakest :)
+1 Reply
MertErten MertErten
2 years ago
*since abenomics JPY is the weakest :)
Reply
ForceFollower MertErten
2 years ago
Very well. That's the way to go! :-)
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