Elliot wave analysis
The fundamental factors has played key role in the recent downtrend in GBPNZD as the pandemic situation in England got worse and the economic condition in New Zealand was also in trouble and in some countries they re imposed some minor restrictions.Today the RBNZ has leave the rate unchanged this causing the further selling of GBPNZD...
Welcome to our Trade Setups - April 12th ( GBPNZD ) !
ENTRY LEVEL @ 1.95522
SL @ 1.93700
TP @ 1.98256
Max Risk: 1% - 3%!
Risk/Reward Ratio: 1.5
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Have a great week everyone!
Hello Traders, here is the full analysis for this pair, let me know if you have any questions, the entry will be taken only if all rules of the strategies will be satisfied. I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied
GBPNZD will go bullish after a retest, So here we have 2 opportunities which are SELLING and BUYING however it is always a good idea to catch overall market direction opportunities, Generally we will take buys because the market has already tested the support and it is looking forward to test the resistance
A POSSIBLE TREND CONTI. OPPORTUNITY ON GBPNZD OVERALL MARKET IS IN DOWN TREND AND AFTER A LITTLE PULLBACK AND FORMING A HIGHER ON 1HR MARKET BROKE THE RISING WEDGE STRUCTURE AND NOW HAD BREAK AN SNR LEVEL. NOW WE CAN WAIT FOR THE MARKET TO TEST THE SNR LEVEL AND WAIT FOR A GOOD REJECTION FROM THIS LEVEL OR WAIT FOR 1HR CANDLE TO CLOSE BELOW THE LEVEL IN ORDER TOE...
The counter has formed a topping out formation in the near-term.
It made a double top and has broken a key support level of 1.99508.
Further, the round number of 2.00 can act as a psychological barrier in the near-term.
Though a pullback to the top cannot be ruled out, we still expect the pair to be bearish in the near-term.
BUY STOP - PENDING ORDER
Target 1: 1.9800 (108+ pips)
Target 2: 1.9988 (296+ pips)
SL: 1.9577(115- pips)
Please use sensible lot size. if the SL is higher than your 1% risk don't take this trade.
** JUST AN IDEA. NOT A SIGNAL **
Sorry we haven't posted in two weeks due to covid.
We are back with GBPNZD, as we can see a weekly downtrend is continuing as the days go by.
Momentum has been lost this week over the last few days with signs of a reversal.
If the trade chooses to break 1.92770 barrier I expect to see a nice uptrend.
Else if the trade breaks...