Price has formed an impulsive wave up, after finding support at the sliding parallel of an active median line set, and is now retracing into a correction towards the same parallel. In case we see it retracing a little more it would be a nice idea to buy GBPNZD with sl and tp as shown in the chart.
As we notice the pair managed to break uptrend, beside moving in a small descending channel, forming the second top in a potential double top pattern. currently prices broke a MA 50 and a Fibonacci retracement 61.8%. i expect with prices staying lower these levels and managed of breaking the descending channel that GBPNZD targeting support level at 1.8862,...
GBP/NZD has picked momentum and is extending upside from record lows at 1.6705 hit during November 2016.
We have evidenced a 'Golden Cross' formation (bullish 50-DMA crossover on 200-DMA) on the daily charts.
The pair is currently struggling at major trendline resistance at 1.8845. Breakout will see resumption of upside.
On the monthly charts, we see Stochs...
On the GBP.NZD 1hr chart we have a potential short opportunity at the D leg completion of bearish Cypher setup.
The price reversal zone on this pair is between 1.8831 & 1.8875
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Cypher setup placed at the .382% and .618%...
GBPNZD will complete a bullish 5-0 pattern around 1.8708.
This is nicely aligned with the bigger trend.
There are 2 ways to enter into this trade.
1. Buy after candlestick reversal at 1.8708
2. Buy after price stabilize around 1.8708 and break above trendline
Targets will be right back at the highs around 1.8860.
SL will be 50 pips below the entry.
This idea...
GbpNzd is nearing the lower range of its upwards channel. Based on the indicators there's still enough buying pressure and trend strength left for GbpNzd to go up. And a break of the lower range isn't very likely.
Take profit: 1.89>1.92
Stop loss: 1.87.
If the lower range does break then switch to sell for 400-500 pips target
