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British Pound / New Zealand Dollar

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GBPNZD trade ideas

Lingrid | GBPNZD fake BREAKOUT of the Previous DAY highFX:GBPNZD has reached a strong resistance zone on the daily timeframe, pulling back from the 2.18000 level. As observed, the price has been creating impulse legs followed by weaker pullbacks. Recently, the market formed a compression channel or an ascending triangle pattern. I anticipate bearish momentum potentially forming ABV pullback toward the support level, especially since the market made a fake breakout above the previous day's high. My goal is support zone around 2.15610 Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻
Short
by Lingrid
2
GBP_NZD (260 Pips)A double top formation on the weekly timeframe, combined with a close below the previous week's high, plus a week showing lower highs and lower lows - this typically suggests bearish momentum is building. Here's why: Double top: This is a reversal pattern showing price failed twice to break above a resistance level Close below previous week: Indicates sellers are gaining control Lower highs/lower lows: Classic definition of a downtrend beginning to form. The likely direction over the next week would be downward, as these are multiple bearish confirmation signals occurring together. End of week Target: 2.13965
Short
by NYHTSTAR
GBPNZD Pushing itself in a buy directionHello Traders In This Chart GBPNZD 4 HOURLY Forex Forecast By FOREX PLANET today GBPNZD analysis 👆 🟢This Chart includes GBPNZD market update) 🟢What is The Next Opportunity on EURNZD Market 🟢how to Enter to the Valid Entry With Assurance Profit This CHART is For Trader's that Want to Improve Their Technical Analysis Skills and Their Trading By Understanding How To Analyze The Market Using Multiple Timeframes and Understanding The Bigger Picture on the Charts
Long
by ForexMasters2000
1
GBPNZD 1H We have an overall bullish market on our 1H timeframe with price giving us a clear price action. We saw price rise to form new higher high and higher low this week. On the last day of week (Friday) we saw price rise higher to shift back into bullish structure into bullish market structure after reacting to an unmitigated 1H demand zone. Left behind the new bullish trend is a new unmitigated demand zone with fair value gap and an inducement zone above our true zone. Our Fibonacci retracement tool indicates price has reacted to a premium price of the trend Above our 1H trend is a supply zone with high chance of being inducement due to three reasons: 1. We had a 1 2 price push before losing power to buyers that are now controlling the market. 2. The internal structure shift may result to price reacting to higher timeframe bullish trend rather than continue bearish as one would expect. 3. We have trendline liquidity above this supply and a high of week which couls be good target for liquidity due to price being bullish.
Long
by ZIPHO67
1
GBPNZD LONGMonthly Monthly PA is overall bullish, with last months candle continuation of bullish PA coming off morning star set up. I expect this months candle to continue bullish and likely fill out previous wick. All EMA's are bullish and acting as dynamic support. Weekly Weekly PA has printed quite a large doji candle, Showing some indecision which is expected as GBP across the board did weaken through the middle of last week. However from following this PA since last Monday I would classify this as a healthy weekly pull back for price to go higher. This is demonstrated in strong move higher which broke out of weekly resistance key level (Large grey box AOI) and since staying above, following this bullish push to upside and recent pullback into the AOI price has failed to close below it making this previous resistance level now a level of support along with 50 EMA dynamic Support. Closer look on 2 charts below Weekly chart Daily chart Daily Daily PA is very similar to weekly description. Strong Bullish run up through the month of October up into level of around 2.1555 where we found some resistance for at least 2 trading weeks, this resistance ended with a very strong bullish candle going on to make HH & HL etc. Price found extra support for continuation of Bullish P.A at AOI shown with blue arrow which again turn from Resistance to Support. Also this AOI of interest has proved itself to be significant as pull back into it was also acting as support before broken. I now anticipate price will stay above this AOI bearish LH LL current PA. Price Currently sitting just above all EMA's PA above will be further confluence. 4hr chart for closer look 4hr Currently in trade long anticipating continuation to upside especially anywhere above Areas of Interest and two strong bullish engulfing candles at the bottom of bearish move. FX:GBPNZD
Long
by MarlyForex1
GBP/NZD Hits Highest Level Since 2016: Is a Move Down Ahead?The GBP/NZD is currently testing its highest price in recent years, nearing the significant resistance level of 2.1900. This area has served as a notable barrier since 2016 and often sees increased selling interest. The price action in this zone, combined with the emergence of a harmonic pattern, suggests a potential reversal or correction. Furthermore, recent price movements, particularly the candles from October 30 and 31 breaking below the low of October 29, indicate rising bearish momentum, reinforcing the possibility of selling pressure in the near term. Bat Harmonic Pattern Structure A Bat harmonic pattern is developing in the GBP/NZD chart, providing additional reversal signals near historical resistance: Point X: The starting point of the move, at a previous significant high. Point A: The bottom of the initial correction. Point B: The price retracement to the 38.2% level of the XA extension. Point C: The second correction reaching 88.2% of the AB move. Point D (Potential Reversal Zone): Near 2.1847, aligning with the 88.6% level of the XA extension and the resistance at 2.1900, indicating an optimal area for potential sell opportunities. The Bat pattern suggests a crucial resistance level where buyers might struggle, especially considering the proximity to historical highs. Price Action Analysis and Sell Signals Recent price action further highlights selling interest: Selling Pressure at Highs: The October 30 and 31 candles broke below the October 29 low, signalling possible exhaustion of the bullish trend and indicating increased seller interest. This behaviour raises warning signals for a potential short-to-medium-term reversal. Potential Move Down Ahead Given the convergence of the harmonic pattern and historical resistance, a short strategy is advisable between 2.1800 and 2.1900. Here are critical points to consider for GBP/NZD: Potential Sell Zone : The resistance between 2.1800 and 2.1900 represents a prime short zone, combining the D point of the Bat with historical resistance. Primary Target : The support around 2.1400 corresponds to the B region of the Bat formation, typically the first target when trading harmonic patterns. Secondary Target : Should a breakout continue, the next significant support is near 2.1000, coinciding with the C level of the Bat formation. Traders should remain cautious of any breaks above 2.1900, as this could indicate a breakout above a crucial resistance level on the daily chart. Conclusion The GBP/NZD pair is in a complex technical setup, presenting potential opportunities for short positions due to the confluence of the Bat harmonic pattern and the historical resistance at 2.1900. With signs of selling pressure evident in the recent price action, especially following the candles on October 30 and 31, traders should closely monitor this region as it may signal the onset of a correction. Disclaimer: 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Past performance is not necessarily indicative of future results. The value of investments may fall as well as rise and the investor may not get back the amount initially invested. This content is not intended for nor applicable to residents of the UK.
Short
by Marketscom
MY GBPNZD SHORT IDEA 01/11/2024Direction: Short SL: 2.16529 - 2.16417 Indicators: 1. MA (20,50,100,200) 2. Trendline - Algo 3. Support and Resistance 4. I also use MT5 - Tradingcentral tools Time Frame: 4h (I also use other time frames mainly 1D because I like to trade for long period of time) Technical: 1. MA 20 (Yellow) still above 100 and 200 signaling a bull bias but I think this is a pivot and it is the beginning of a bearish setup I think the MA 20 will fall below the 100 and 200 soon. 2. Green trendline was broken previously so I'm looking for a breakthrough the red trendline. 3. Price respected the resistance zone and is falling backdown to support. 5. Tradingcentral tool signaling DECLINE on all time frames but the 1D time frame at the moment. Fundamental and economic: 1. GBP economy has been stabilizing and mildly bullish recently but then took a small hit after the 30 year green gilt auction. 2. NZD has been struggling a lot but I think the upcoming week is in favor for NZD with their unemployment news. 2. I use Edgefinder tool which shows me a score of 4 "Neutral" and it also shows me -5 "Bearish" for GBPUSD. 3. Q4 historically is bearish for this pair according to the seasonal indicator by Tradingview.
Short
by stingotho