FX:GBPNZD   British Pound / New Zealand Dollar
1332 12 25
From my point of view this pair is starting a strong correction after a monster rally.
Finally price broke below important S/R level 2.400 with a decisive candle and gained stability below it. I expect this level to hold.
We have also a trendline broken and being retested.
MACD shows strong bearish momentum.

Im using as confirmation an interesting tool called "cyclone revolution", the EMA 8/13 cross is the confirmation for a sell.

Weekly chart is also strongly bearish:

Best regards.
Trade closed: target reached
Bam. Good call from last time.
very informative analysis sir how to rely on MACD in previous days momentum is certainly changed please elaborate your trading style thats very valuable for mine
EJ200 nouman
i only use Macd trading style on a very bullish trend, like GBPAUD, GBPNZD in previous months. it works very well. in bearish pairs, like AUD, CAD, NZD, i don't use MACD, and IMHO most technical indicators don't work well in a very bearish market, for shorts, finding resisitance level is most useful. and I'm looking forward to initiate heavy long positions on GBPNZD again. Regards
Thanks for sharing your view. Regards.
my short term analysis.....same like yours i guess....but the trend in daily and weekly still bullish...the price may bullish also... regards

fdtbeijing tupaitrader
long time i'm very bullish on this pair and look forward to initiate long position again.
FullTimeTrader tupaitrader
Hello, the EW structure is not very clear for me (this is the "personality of this pair"). Last decline could also be labeled as a zigzag, in such cases i prefer to use technical analysis. I will keep my short positions as long as possible and then look for longs depending on price action.
totally agree, at 2.3 level my long position will come back! good luck
FullTimeTrader fdtbeijing
Hello, after the correction finished i will be looking to buy also. Regards.
ForexisbizFib FullTimeTrader
Hi, you mind sharing your trading plan for short?entry, tp and sl?
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