GBP/NZD printed a bearish reversal candle on the daily chart right at the resistance of a down-sloping trendline. Stochastics also starting to reverse from overbought levels. Good R/R here with a stop above the day's high.
This currency pair has been correcting for a very long time and now showing signs of exhaustion:
Significant Support Area
Trend Line Support
200 Weekly MA
MACD is loosing momentum also there is bullish divergence. Inverted hammer on weekly chart. Approaching the 200 Weekly MA and trend line support. So my suggestion is entry around...
Will be watching this extremely closely,
Reasons for breakout:
a) we have a strong previous rejection at the 61.8% fibo level.
b) prices have retested that area last week and rebounded strongly.
c) MACD divergence in play
d) with the poor NZD news yesterday, i expect NZD to fall even more to retest recent lows near 0.63 level
A breakout and close above the...
For the past 2 weeks we've seen the price of GBP/NZD retrace to 61.8% level.
But the price still keeps making Higher Highs and Lower Lows. MACD turns up.
This is Bullish Crown Formation for turning the mid term from bearish to bullish (resuming to the bullish long term).
Now is the perfect moment to get in a Trade.
Buy: at 2.2900 (61.8% fib retracement...
Well if i'm right this looks like a bearish bat, and there is a possibility that price could first initially go up, and than come back down, in my opinion, i would short it only around the major resistance 2.4006 level.....Mean time if price holds above 2.3700 price can go up......
I think I have found an interesting setup on the 4 hour chart in GbpNzd for a short position
Price is currently right below 100 Simple moving Average
and just below 38.2% Fibonacci retracement level of last move down
these combined resistance levels should hold the price below,
and pair is already bearish being below daily trendline and a top seems in place...
The GBP/NZD cross has staged an impressive 12-week rally, the second half of which has mostly been through selling pressure on the NZD following the RBNZ's recent rate cut decision. The daily chart is currently suggesting a downside risk as the RSI is starting to form a negative divergence. This divergence still has to be confirmed, and a daily close below 2.218...
Consolidation over the last couple of weeks, after an impressive breakout from the previous trend, appears to have created a tidy flag formation within a neat channel.
Price is now intercepting the meeting point of the 50EMA and the Support at the bottom of the Channel. This is the third time price appears to be reacting to this support and a reversal Candlestick...
If this pair break avobe trendline I think, this pair next target is 2.1050 level. After break upward and retrece this trendline again we look for long position on it and use stop loss at near swing low point. Le's see what happen. keep eyes on it.