Gbpnzdshort
GBPNZD 4H [10/01/2020] Market OverviewGBPNZD 4H Market Overview
Possible Sell opportunity, Short Term Bullish Move to touch 800EMA can Happen, Targetting the next two possible support areas, Manage Your risks Accordingly.
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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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GBP/NZD BUY 📈FX:GBPNZD broke major downtrendline
Price is supported above support level at 1.9108
Above SMA 100
MACD shows bullish momentum
RSI is above level 50
It's expected for coming bullish wave to retest key level at 1.9630 which corresponds to 50% Fibonacci level
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GBPNZD - DAY TRADE VIEWGBPNZD - Trading close to the resistance zone and chances are there for a downside reversal.
My approach is a short sell at current price 1.94600
Stop loss 1.95250
potential downside target 1.93860
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GBPNZD is trading in a downtrend channelGBPNZD
From August 25 this pair has started the downward journey in the channel.
And the trend line is touched thrive and holding as the resistance for the bullish.
After the price reached below the 61.8% Fibonacci retracement broadly it’s touched the 1.97000 psychological level and retested the support zone which is a Previous month’s low 1.97480.
This level will act as the support for the bearish. The first target will be 1.95100 level.
In Elliott wave analysis this pair is going to complete the major wave of 5. Stop lose may place above the minor wave of 02.
On fundamental side the brexit headlines will makes this pair more volatile. And the reserve Bank of New Zealand has recently insisted that they don’t care about the foreign exchange rates. The number of COVID-19 cases are in declining phase this improve the overall economic condition of New Zealand
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Disclaimer
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GBPNZD - Full Analysis Breakdown Welcome traders to a free analysis breakdown.
Today I am highlighting possible trades on GBPNZD, if you any questions on the pair let me know in the comment section below.
I will be looking to take a trade on the pair if our trading rules are met over the next few days.
I would suggest keeping this pair in your watchlist to see if your own rules are met. If you take a trade from the analysis in the video leave a comment in the section below. I would love to here how your trade went.
On behalf of Alpha Trading Group,
Trade safe and ill see you all in the next video.