GBPNZD (18July-22July) Outlook
Weekly
Closed the week with weaker bullish engulfing bar than GBPJPY signaling a trend change to bull bias. Confirm with next week candle.
Daily
Friday close formed a pinbar (very bearish) with highest volume for the week which i guess a profit taking event coupled with rate cut possibility from BOE.
Looking at the volume and situation last friday, we could expect it will retrace to Zone1[1.825-1.835] or even further to Zone2[1.795 to 1.805] next week (before 21July/ RBNZ).
My trading plan
Look for bull signal during the above-mentioned retracement.
EP- 1.825-1.835 and 1.795 to 1.805
TP- 1.885-1.930 Zone
SL- <1.768
Closed the week with weaker bullish engulfing bar than GBPJPY signaling a trend change to bull bias. Confirm with next week candle.
Daily
Friday close formed a pinbar (very bearish) with highest volume for the week which i guess a profit taking event coupled with rate cut possibility from BOE.
Looking at the volume and situation last friday, we could expect it will retrace to Zone1[1.825-1.835] or even further to Zone2[1.795 to 1.805] next week (before 21July/ RBNZ).
My trading plan
Look for bull signal during the above-mentioned retracement.
EP- 1.825-1.835 and 1.795 to 1.805
TP- 1.885-1.930 Zone
SL- <1.768
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