Similar to the FX:GBPAUD trade setup, here we also have a BULLISH CYPHER PATTERN on FX:GBPNZD that is very close to the completion point. Note that we also have HIDDEN BULLISH DIVERGENCE on the RSI. Keep in mind that only take regular or hidden divergences seriously, once the market starts to BREAK STRUCTURE in the direction of the divergence. This pair has also been in a strong BULLISH trend and this pattern allows us to jump into the direction of the MAJOR TREND. We also got a favourable risk to reward ratio for this setup. See the chart above for more details.
Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Good Luck :)
Looks good since I cant see nu making it to far up before a major reversal
moneymaking
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Hey ddp922, yeah the thing is we have gotten double top on GBPNZD and double bottom on NZDUSD, both are on DAILY time frames (see the charts below). Before selling or buying either of these pairs, we have to wait for BREAK and CLOSE beyond key levels (marked by black dashed lines in the charts below).
moneymaking
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See the GBPAUD trade setup that is in similar situation:
TahirAli
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Hi moneymaking,very good analysis. I am hoping that I will have a chance to enter either of these two trade possibilities.
moneymaking
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Hey Tahir, thank you mate. Yes, these are definitely some good opportunities to get involved. All the BEST to you and have a GREAT WEEKEND mate. ENJOY :)
TahirAli
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Same to you bro.Have a great weekend.
zakaria.serroukh.5
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I see a formation for a double top, It also broke a up trend price channel, so we have to wait and see if it was a false break to decide, anyways, im waitin for some price action on THE 2.3300 area
moneymaking
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Hey zakaria, just wanted to clarify, on what time frame so you see that double top? If you could post a chart showing the double top that would be great. Thank you mate :)
zakaria.serroukh.5
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moneymaking
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Ohh ya, Double top on daily time frame is definitely worth keeping an eye on. Thank you for the clarification mate, appreciate it :)