DeGRAM | GBPNZD continued declineGBPNZD is moving in a descending channel between the trend lines.
The chart has already reached the resistance level and the crossing point of the upper boundary of the channel and the trend line.
The resistance level coincides with the 50% retracement level of the last bearish impulse.
We expect a decline in the channel.
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Gbpnzdsignal
DeGRAM | GBPNZD saw in the channelGBPNZD is moving in a descending channel between the trend lines.
The past reaching of the channel boundary was accompanied by a sharp decline followed by a reverse sharp move.
We think that the pair will continue to decline along the trend.
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GBPNZD - Bullish Harmonic Pattern FormationThe GBPNZD currency pair is currently forming a Bullish Harmonic Pattern, specifically an XABCD pattern. This is a key indication of potential bullish reversal trends, particularly as the price approaches the D point. In harmonic patterns, Point D is known as the Potential Reversal Zone (PRZ), where we often anticipate a significant price reaction.
Confluence of Support Levels:
Point D not only signifies the completion of the harmonic pattern but also aligns with a critical support area. This confluence of factors enhances the probability of a bullish reversal. Additionally, the 4-hour trend line intersects at Point D, adding another layer of confirmation to our bullish outlook. This confluence provides a robust foundation for our bullish bias.
Entry, Stop Loss, and Take Profit Levels:
Given the analysis, our strategy involves taking a long position at the PRZ.
Entry Point: 2.07390
Stop Loss: 2.06732
Take Profit Levels:
TP-1: 2.08048
TP-2: 2.08706
TP-3: 2.09365
These take-profit levels have been strategically placed to capture potential gains at various stages of the anticipated bullish trend. The first target (TP-1) is modest, allowing us to secure initial profits. Subsequent targets (TP-2 and TP-3) aim to capitalize on extended bullish movements.
Conclusion:
The alignment of the Bullish Harmonic Pattern's Point D with a key support area and the 4-hour trend line provides a high-confidence setup for a bullish reversal in GBPNZD. By entering at 2.07390 with a stop loss at 2.06732, we mitigate risk while positioning ourselves to benefit from the expected upward trend. Our take-profit levels at 2.08048, 2.08706, and 2.09365 allow for a structured approach to capturing gains as the market moves in our favor.
This analysis underscores a well-rounded technical setup that aligns multiple indicators, increasing the probability of a successful trade.
GBPNZD Long Trade Setup A #long trade opportunity recently presented itself on the #poundkiwi (#GBPNZD) #trading chart 📈.
This is indicated by the #bullish engulfing candlestick 🕯️ pattern on the 2.08563 horizontal support level.
This indicates a fakeout (fake breakout) of the same level, with potential price move in the upward 👆 ⬆️ direction (#buy).
Sufficient upward momentum should see price rallying towards the 2.11500 psychological level and possibly testing the strength of the 2.11884 horizontal resistance level.
As always, please apply appropriate risk management.
Happy trading!
#crosspair
GBPNZD - Bullish Momentum Expected from Key Support LevelGBPNZD is currently forming a Harmonic Pattern (XABCD) along with a Trendline on the 4-hour time frame. This pattern indicates potential price reversals or continuations based on Fibonacci levels. Point D of the pattern is situated at a key Support level, suggesting a possible bullish momentum.
Entry and Stop Loss:
Based on the analysis, the entry point is identified at 2.09390, with a stop loss set at 2.08300 to manage risk in case of unexpected market movements.
Take Profit Targets:
Three take profit targets are proposed:
TP-1: 2.10480
TP-2: 2.11557
TP-3: 2.12660
These targets are strategically placed to capture potential price movements in the bullish direction.
Conclusion:
Considering the Harmonic Pattern formation, trendline support, and key support level at Point D, the analysis suggests a bullish bias for GBPNZD. However, traders should closely monitor the price action and adjust their positions accordingly as the market evolves.
DeGRAM | GBPNZD pullback to the retracement levelGBPNZD is moving in a descending channel near the upper boundary.
The volatility of the price movement decreased when approaching the channel boundary.
We expect a pullback to the 50% retracement level.
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GBPNZD Anticipating Bearish Momentum with Harmonic PatternGBPNZD is exhibiting a potential Anti-Butterfly Harmonic Pattern (XABCD) formation, indicating a forthcoming bearish trend momentum. This analysis is based on key resistance levels and Fibonacci retracement levels, suggesting a strategic entry opportunity.
Pattern Identification:
The Anti-Butterfly Harmonic Pattern (XABCD) is emerging on the GBPNZD chart, with Point D coinciding with a critical resistance level and the 0.618 Fibonacci retracement level. This convergence enhances the significance of the pattern, signaling a potential reversal point.
Entry and Stop Loss Strategy:
A prudent entry point is identified at 2.10644, aligning with the anticipated reversal from Point D. To mitigate risk, a stop loss is recommended at 2.10892, providing a safeguard against adverse price movements.
Take Profit Targets:
Several take profit levels are proposed to capitalize on the anticipated bearish momentum:
TP-1: 2.10430
TP-2: 2.10165
TP-3: 2.09936
TP-4: 2.09692
Rationale:
The selection of take profit levels is based on technical analysis principles, incorporating support levels and projected price movements. These targets aim to capture potential price retracements and maximize profit potential within the anticipated bearish trend.
Risk Management:
Effective risk management is imperative in forex trading. By adhering to the specified entry and stop loss levels, traders can maintain discipline and mitigate potential losses. Additionally, monitoring price action and adjusting stop losses accordingly can further enhance risk management strategies.
Conclusion:
In conclusion, the technical analysis of GBPNZD suggests a favorable opportunity for short positions based on the emerging Anti-Butterfly Harmonic Pattern. With strategic entry and exit points, along with comprehensive risk management, traders can optimize their trading approach and potentially capitalize on the projected bearish momentum.
This analysis is provided for informational purposes only and should not be construed as financial advice. Traders are encouraged to conduct their own research and consult with a qualified financial advisor before making any trading decisions.
GBPNZD I Correction almost completed and more potential growthWelcome back! Let me know your thoughts in the comments!
** GBPNZD Analysis - Listen to video!
We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met.
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GBP/NZD SHORT from 2.1149I'm SHORT GBP/NZD from 2.1149 for the following reasons:
a). R.S.I. is now reading 68 and was over 70 for the last 4 candles (76 last candle). This would indicate that SELLERS are taking the price under overbought.
b). The high (2.1173) sits a band of resistance between WR1 and WR2 weekly pivot. Last week this area (2.1042 to 2.1084) saw SELLERS enter the market and drive the price lower.
c). Although the Pivot Point SuperTrend remains green (BULLISH) we have seen 5 red SELL dots over the last 5 hours.
d). Andean Oscillator shows that the green BUY line is weakening and is about to cross south over the yellow signal line.
e). the RED SELL line has moved away from zero and is rising.
This is a moderately high risk trade as we have no confirmation on MACD and the Andean Oscillator hasn't crossed but we can get in early with a tight 26 pip STOP (at 2.1175).
Furthermore, we have just seen the Pending Home Sales released. This was green at 1.6% (.2% better than expected) and Revised UoM Consumer Sentiment and this too was green (79.4 act. 76.5 exp).
Despite this BULLISH USD news, the market has failed to react though there is still time.
Worth a SHORT from these levels with a STOP as indicated at 2.1173 (ish) and a target of WPP mid pivot/200 EMA at around 2.099 though this target will depend on momentum over the next several hours if we see price drop.
DeGRAM | GBPNZD rebounded from resistanceGBPNZD rebounced from the resistance and 127.20% fibo inversion.
The market broke and closed below the support level of 2.1000, which became the resistance.
On the D chart, the market is consolidating.
We expect a 50% pullback from the resistance if the price makes a false breakout of the resistance.
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GBPNZD Trade IdeaThe GBPNZD is in a bullish trend clearly as we can see on the 4 hour chart. We have a series of higher highs and higher lows. Prices currently overextended, we anticipate a retrace down into the 4 hour imbalance area where a buy opportunity could present. Target set previous high and resistance levels as seen on the chart. Stop under the previous low. As always this is for educational purposes only and not to be construed as financial counsel.
GBPNZD I It will decline from channel resistanceWelcome back! Let me know your thoughts in the comments!
** GBPNZD Analysis - Listen to video!
We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met.
Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future.
Thanks for your continued support!
DeGRAM | GBPNZD potential shorting opportunityGBPNZD pulled back to the support level that was tested two times. Usually, the price breaks the level on the third attempt.
The market has bearish sentiment, and there is a high chance that the price will continue moving south.
We expect price action to make a pullback and go down to test the lower border of the descending channel.
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GBPNZD : Long Trade , 1hHello traders, we want to check the GBPNZD chart. The price has broken the descending channel to the top and pulled back to the key level indicated. We expect this level to play the role of a support level and the price will maintain its profitable trend. The first price target is 2.07200 and if the price can break this level, the second price target will be 2.08100. Good luck.
DeGRAM | GBPNZD price at confluence levelGBPNZD in the descending channel is pulling back to the confluence level.
The market overall is bearish, so we anticipate a price move down from the resistance.
Price created a confluence level where we have a bearish harmonic pattern channel border and dynamic resistance as well.
We expect to tap into the resistance zone and continue trending south.
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