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Gbpnzdforecast

Two possible scenarios for GBPNZD next week.. On screen analysisWe are in the middle of a pandemic right now with everything that is going on with the Corona virus. It seems to me that Australia and New Sealand were hit hard economically and will be in the next few weeks. My eyes will be on a long trade to the same level of the spike on March 8 which is a Monthly support and resistance level @2.17 On the other hand there could be a big change of events which could lead to a decline in value of the British Pound. Therefor we will first see a clear break of the recent Up trend and probably support turning in to resistance @2.02. When this happens my target will be 1.94 in a short trade. Trade with care and caution! I will keep you posted on this one.
by Cas4xx
1
GBPNZD playing inside rising wedge pattern!GBPNZD has potential to go down for 450 pips if sellers manage to hold price below its daily resistance level, we are seeing 2.0450 resistance level being retested several times indicate that this level quite strong, I hope that we might see another leg down after the daily candle close. remember always wait for a price retracement for better entry level.... good luck! **Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions. Traders!! if you like my ideas and do take the same trade like i do, please write it in comment so we can manage the trade together. _____________________________________________________________________________________________________________________ Thank you for your support ;) GWBFX
Short
by GWBFX
5
GBPNZD WEEKLY: Short-term Bullish and Long-term BearishIn the GBPNZD weekly chart above, GBPNZD sell-off impulsively from its August 2015 high. The decline is in five-wave and labeled as 1-2-3-4-5 in wave (A). Sub-wave of wave 1 of (A) is also visible. Since GBPNZD bottomed in November 2017, it has been in a corrective wave, which is expected according to Elliot Wave Principle. A three-wave correction follows every impulse before the price resume in the direction of the trend. In the case of GBPNZD, the correction seems to be unfolding as a triple zigzag "W-X-Y-X-Z" pattern, and it's almost completed. Price is expected to move higher in wave (c) of Z to complete the major correction. The anticipated area for the completion of the correction is the blue zone that lined up with the upper trend channel + 50% retracement of the entire decline. If this count is correct, the dominant trend is bearish, and once the corrective structure is completed, the market should begin a massive decline in wave (C). Wave (C) target lies below the wave (A) low. What's your thought on GBPNZD? Best, Veejahbee.
by Veejahbee
2