Gbpnzd4hr
GBP/NZD - 200 Pips OpportunityAs we can see, GBP/NZD is failling to establish it's support zone. As soon as the support line is broken, we can expect the bearish trend to continue until it's next support.
Remember, preserving your money always comes first in trading. Your second goal is to grow your portfolio.
Trade safely.
GBPNZD Bullish PotentialThe 4 hour time frame for GBPNZD shows a nice bounce back of the support level that created a new ascending trading range. possible targets are the next 2 resistance levels that could be hit within the next 3 days since its the 4 hour time frame. Now when you go to the daily and weekly time frame you will even see a possible target of at least 1.88 long term. next 2 weeks up to 3 months. So on the short AND long term GBPNZD will be a nice buy to hold or to add buys on the dips. I prefer starting with a small position and adding more every 80 pips it goes up while maintaining a 60 pip stop loss that moves up a long the trend up.
GBP/NZD Shorting OpportunityReasons:
Bearish Head & Shoulders @ Confluence of Resistance in higher time-frames.
Stoch RSI is now "Over Sold", so a pull-back is needed for further bearish continuation.
Past support should become future resistance and here we get a 61.8% Fibonacci retracement level as confluence.
Trade Safe. :)
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GBPNZD Elliot WaveChatting on Forex Board with user JohnQuid got me interested in this potential EW pattern for GBPNZD.
If we are in fact on leg 4 looking at key prices:
1.84327
1.97957
1.84327 holds price the next target is short to 1.73058
1.84327 does not hold, next stop is 1.97957 and Impulsive Wave 4<<>>5 is in play which is a pretty deep dive short
I will update this chart as the week plays out
big fundamentals could really shake forex markets next week