GBPNZD Analysis: Unveiling Bullish Opportunities with Strategy
Updated
Hello Traders,
The chart above presents a straightforward and revealing analysis for the GBPNZD pair, showcasing two compelling signals of bullish market momentum.
Firstly, we observe the distinctive Cup & Handle pattern. The price has successfully surpassed the 161.8% Fibonacci level, now targeting the 200% level, which aligns with the 261.8% extension at 2.2200.
Secondly, within the context of an ascending channel, the price has traversed the midpoint, setting its sights on the same 2.2200 target.
Considering these indicators, initiating a long position with a target at 2.2200 appears justifiable. At present, there's no evidence of a daily timeframe market reversal. Even in the event of a retracement (as depicted in the red rectangle), which might span two weeks and cover 500 pips, it should be regarded as an opportunity for accumulating more positions.
While acknowledging the potential for corrections, it's crucial to approach trading with fragmentation of positions, exercising patience over impulsivity. An initial long position at 1% of capital is prudent, with the option to scale up by 1% for every 100-pip correction total 5%, ensuring careful risk management throughout.
Best regards,
The chart above presents a straightforward and revealing analysis for the GBPNZD pair, showcasing two compelling signals of bullish market momentum.
Firstly, we observe the distinctive Cup & Handle pattern. The price has successfully surpassed the 161.8% Fibonacci level, now targeting the 200% level, which aligns with the 261.8% extension at 2.2200.
Secondly, within the context of an ascending channel, the price has traversed the midpoint, setting its sights on the same 2.2200 target.
Considering these indicators, initiating a long position with a target at 2.2200 appears justifiable. At present, there's no evidence of a daily timeframe market reversal. Even in the event of a retracement (as depicted in the red rectangle), which might span two weeks and cover 500 pips, it should be regarded as an opportunity for accumulating more positions.
While acknowledging the potential for corrections, it's crucial to approach trading with fragmentation of positions, exercising patience over impulsivity. An initial long position at 1% of capital is prudent, with the option to scale up by 1% for every 100-pip correction total 5%, ensuring careful risk management throughout.
Best regards,
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