GBPNZD long trade ideaPlan : wait for price to bounce off from support level --> wait for the rejection candle pattern to form e.g. bullish engulfing, pinbar etc --> BUY
**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.
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GWBFX
Gbpnzdlong
BEAR Momentum | GBPNZDWeekly - We see a huge exhaustion which means an Impulse buyers were too weak so sellers push the momentum down
Daily - There was a major consolidation before breaking out with a bearish candle after a false breakout candle
4Hr - Market makes LH's with a breakout of the Major support
How to enter - We look for retracement on the Major support broken to catch a sell to the downside (Major move)
GBPNZD potential bounce!
GBPNZD expected to reverse up to 1st support at 2.03525 where it could potentially react and bounce to its resistance at 1st resistance at 2.04064.
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Losses can exceed the initial investment so please ensure you fully
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GBPNZD giving us a SHORT ENTRYAs we can see, the value has retested a point 3 in the downtrend and is now falling without any other retest and in a really hard way, so this is our confirmation to enter in the operation, our first TP could be in the weekly KL and the second one will be in the monthly KL.
Further GBP Push? - GBP/NZD Ichimoku Drawback SetupThis pair steadily rose last week forming some new price structure support along the way. We are currently in a drawback testing that support and i am looking for a chance to get long if we show signs of that support holding. I've drawn a potential buy entry I'm watching at our kijun sen and a previous structure support level. If we form a support candle or show signs of that support holding, I will get long. I've drawn out my target which is our recent price structure high, as well as a few partial profit levels to aim for along the way. If we fail to get a further drawback, or if support doesn't hold, this setup may become invalidated.