GBPNZD is bearish impulsive with a trend that is very close to a nonvolatile trend, we saw a huge gap down on Monday's open and then a bullish run up into the swing lows filling the order.
20EMA angle is quite steep, price held below 1.715 RRL.
Stop is above 20EMA, 1.715 RRL and the gap.
Price is BULLISH IMPULSIVE IN A VOLATILE TREND, .87 is a considerable level acting as both support and resistance for considerable moves.
.89 Target represent a high likelihood of price rising to test this level as resistance
Stop below swing lows, 20EMA and .87 round number
Would like to see previous swing high taken out and ill be a happy trader :)
This is a risky trade as it is against the impulsive direction and the trend is currently nonvolatile with a very steep 20EMA angle,
However the 1.414 level has help up against 6 attempts lower and they all have returned price to the top of the range.
Risk reward is close to 1:6 so the potential pay off with the probabilities combined justifies the counter...
ABCD - D EXTENSION LEG
Price reacted strongly from the .845 RRL level, looking to enter around .854 on a pullback if it presents itself otherwise will look for another entry possibly with the break of .86 level
target .874 as first target with 2nd target .88
EURAUD is in a consolidation zone between 1.45 and 1.415, price before entering consolidation zone was bearish impulsive, the range has held for 2 months other than the trump spike on November 8th. Entry on top of the range with a stop above spike high and RRL level.
Looking to get long on this pair and target recent highs for a quick trade, market conditions will be pretty quiet over the holiday period although we do have NZD GDP coming up on Thursday. 1.77 has been a strong level acting both as resistance and support both on the longer and shorter timeframes, market conditions are currently bullish impulsive in...