we are almost at the bottom of this 1000 pip year old channel in GBPNZD
I expect price to continue upward at least to retest the last minor high. I still find the NZD to be relatively weak and the GBP strong enough to continue up the fork. ----------- Disclaimer: There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts...
Resistance at 1.9760 is holding, stop just about with TG1 1.9540, then possibly lower
Until there is a pause in rate hikes this could be fundamentally backed up. A retrace to the mean of the last few days would give a good entry and small risk.
Looking for a retrace back to the mean of last few days, to get a better R:R for a short, SL higher than the HH. NZD rate hikes, could continue though if they stop then would consider pausing on the NZD trades
You could wait for better R:R, I know I will. It seems to face rejection at this level and looks like a great short at this point, you can short right now too but the risk is hgh at the moment. A break below 1.6954 would also validate this idea, which has been support for the past few days. www.learningfx.com
Textbook Bat pattern on 60m chart, my trade plan on the chart.
GBPNZD is at 50 fib from last impulse leg down with RSI @50. This one requires waiting. The PA could go either way including sideways forming a CZ. At least we have targets fro both paths - the channel boundaries.
Nice long setup on bullish cypher in ascending channel.
After ret. with 200 pips from the 50fib of the previous rally up, PA managed to ret. only to 38.2 forming a bullish pennant. Is it bullish or just a CZ on structure before cont. down? I suppose the 1st is more likely. With GBPUSD nearing the peaks and weak NZD it is very hard to predict the next moves. Watch out for the break of 956 for down move and 965 for...
What a great respect of levels, solid structure with no gaps. If this double top holds, expect ret. to lower CZ boundary.
#forex #gbpnzd
I've been long GBPNZD since 9230, when it was there about a week and a half ago. Today I'm taking half my position off, as the market has reached a confluence of factors suggesting price may be stalling. The other half remains on, with my stop at breakeven and a target of 2.0240. Full trade history: www.informedtrades.com
GBPNZD: Classical and harmonic structures signaling additional recovery Chart Setups: 1- Bullish harmonic pattern. 2- Potential inverse head and shoulders pattern with a confirmation line in the 1.9500 regions. 3- Prices are being carried by SMA20 from the underside. 4- Fibonacci retracement of 23.6% of CD leg was taken out, opening the door up towards 38.2%...