We made 300 pips of profits on GBPNZD ... What's next move?
Updated
One thing we are proud of ourselves is that we only forecast and do not predict where the market is going. This enables us to be objective and remove the distraction and noise from gossips, Trump news and also other fundamentals. We are not saying that they don't work. Some traders and investors will find these useful and relevant. However, this is just not part of our forecasting techniques which is purely based on the open, high, low, and close of the bars. That's it.
GBPNZD made a 300-point move on 24 Jan 2018 and made a recent high at 1.9462 on 25 Jan 2018. It closed at 1.9233 this week. It seems volatile and we would like to know what's it next move?
From a technical outlook, this cross made a nice near-term uptrend since the recent low of 1.8614 on 12 Jan 2018 before reaching the recent high of 1.9462 on 25 Jan 2018. Over the last few days, we observed that there is a swing high.
So, based on our forecast, if this bullish momentum continues despite the price movement on 26 Jan 2018, we could potentially see this cross test 1.9570 as our first level of resistance, followed by 1.9700 as our next level of resistance. On the other hand, should there be any change of the directional bias on this cross, we could potentially see it retrace to 1.9140 as our first level support, and if this level cannot provide the necessary support, this cross could potentially be retraced to 1.9040 and 1.8940 as our second and third levels of support.
We will watch this cross closely and provide the necessary update as and when it is appropriate.
Good trading
NinjaSingapore
27 Jan 2018
DISCLAIMER
Our research materials are provided for information purposes only. They should not be used or considered as an offer to sell or a solicitation of an offer to buy any securities. The research materials are prepared for general circulation and general information only. They do not take into account the specific investment objectives, investment knowledge and experience and financial situation of any recipient. Investors seeking to buy or sell any securities discussed or recommended in our research materials, should seek independent financial advice relating thereto and make his/her own appraisal of the tax or other financial merits of the investment.
Any opinions expressed are subject to change without prior notice. Our research materials are based on information from various sources believed to be reliable. Although all reasonable care has been taken to ensure that such information is not misleading, we make no guarantee, representation or warranty, expressed or implied as to its accuracy, adequacy or completeness. We do not accept any liability whatsoever for any direct, indirect or incidental, special or consequential loss of any kind arising out of the use or reliance on the information in our research materials.
GBPNZD made a 300-point move on 24 Jan 2018 and made a recent high at 1.9462 on 25 Jan 2018. It closed at 1.9233 this week. It seems volatile and we would like to know what's it next move?
From a technical outlook, this cross made a nice near-term uptrend since the recent low of 1.8614 on 12 Jan 2018 before reaching the recent high of 1.9462 on 25 Jan 2018. Over the last few days, we observed that there is a swing high.
So, based on our forecast, if this bullish momentum continues despite the price movement on 26 Jan 2018, we could potentially see this cross test 1.9570 as our first level of resistance, followed by 1.9700 as our next level of resistance. On the other hand, should there be any change of the directional bias on this cross, we could potentially see it retrace to 1.9140 as our first level support, and if this level cannot provide the necessary support, this cross could potentially be retraced to 1.9040 and 1.8940 as our second and third levels of support.
We will watch this cross closely and provide the necessary update as and when it is appropriate.
Good trading
NinjaSingapore
27 Jan 2018
DISCLAIMER
Our research materials are provided for information purposes only. They should not be used or considered as an offer to sell or a solicitation of an offer to buy any securities. The research materials are prepared for general circulation and general information only. They do not take into account the specific investment objectives, investment knowledge and experience and financial situation of any recipient. Investors seeking to buy or sell any securities discussed or recommended in our research materials, should seek independent financial advice relating thereto and make his/her own appraisal of the tax or other financial merits of the investment.
Any opinions expressed are subject to change without prior notice. Our research materials are based on information from various sources believed to be reliable. Although all reasonable care has been taken to ensure that such information is not misleading, we make no guarantee, representation or warranty, expressed or implied as to its accuracy, adequacy or completeness. We do not accept any liability whatsoever for any direct, indirect or incidental, special or consequential loss of any kind arising out of the use or reliance on the information in our research materials.
Trade active
GBPNZD hit the area between S1 and S2 and since then has been back to the range. We would like to keep this report active to monitor whether a trend will be developed. We will provide an update again.Trade closed: target reached
GBPNZD bounced off around S2-S3 level last week. We shall treat this case study a close and look for further opportunity to jump back in future when the right time comes.
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