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Gbpnzdtrade

GBPNZD Bulls Are Over Staying Their WelcomeThe weekly chart above shows GBPNZD's entire decline from Aug 2015 high. The sell-off is a textbook Elliot Wave impulse pattern, labeled 1-2-3-4-5. According to the theory, a three-wave retracement follows every impulse. Here, that three-wave rally has been unfolded as a W-X-Y-X-Z triple zigzag pattern. Wave (c) of Z is about to complete. I anticipate GBPNZD to find resistance at the 50% Fibonacci level that lined up with the weekly resistance zone. If this count is correct, there is a complete 5-3 wave cycle on GBPNZD's weekly chart. According to the Elliott Wave theory, the trend can now be expected to resume in the direction of the impulsive sequence. I think the bears might not have to wait too long to conquer November 2016 low and beyond. Kindly like, comment and follow if you like this analysis. Thank you. Veejahbee.
Short
by Veejahbee
GBPNZD: POTENTIAL BUY OPPORTUNITYFollowing up on the weekly analysis I posted earlier, GBPNZD has broken the daily corrective structure channel, and it's retesting it. The break out is an impulsive move followed by a corrective structure that seems to be unfolding as a zigzag. The correction in wave (ii) of C has retraced 61.8 - 78.6% of wave (i), and it's within a deep Fibonacci extension zone "blue area." Price is expected to resume higher from or near the current market price.
Long
by Veejahbee
3
GBPNZD Trade ideaThere was a false breakout above the resistance level at 1.93982 so I have been waiting for a short signal which has been completed. Notice the bearish engulfing candle pattern that has printed and pulled price back below the resistance level? Thats the signal... Shorting at market price 1.93895 with Stop loss placed just above the bearish engulfing pattern at 1.95256 and Take profit lower down at the previous swing low @ 1.90016 As usual don't bet the farm and always exercise healthy risk management :)
Short
by Cmasterza