FX_IDC:GBPNZD   British Pound / New Zealand Dollar
GBP/NZD is a very nice setup from the monthly down. On the monthly we have been sitting around the 50ema which has been holding very well, the weekly has just broken a triangle pattern to the downside after forming double tops and a nice candlestick formation, and the daily also broke a short term triangle pattern at the close of the week. These all tied together could be the catalysts for this pair to drop to the downside, the only question is... how to get in? Getting short as hell right now would not be the smartest idea, as you want the market to show you its hand rather than jumping on a 'moving train'. What I am looking for is for this pair to drop a little lower before pulling back and forming a lower high re-testing the backside of the triangle patterns and the daily 50ema. In doing this, you a giving yourself a higher probability of catching a winning trade as you will have full trend confirmation and you are also getting in at value.

Comments

GBPNZD cant be even short term short right now . I am sorry , cant agree with you
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@stream, What time horizon are you looking at? Monthly has been stalling at this level for around 7 months, weekly has rejected the key line of 1.955 3 times now and has failed to break.. we are now looking to close below both trendlines on the daily and weekly charts. Not looking to get short now, would be looking for price to go lower and take the first lower high IF we get the breakdown. If not, I will not take this trade short
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