Possible retracement could be coming. One should not take a long trade as the pa is still not on the bull side. However, this pair could be one on your watchlist this week. Lets wait for more PA to tell us if this support would hold well or not. Structure wise - In a very good LRE support zone.
Chatting with Tview user taylorplusdavis put my observation to the test. A Bull Div (possible) for GBPNZD is actually a nice Bearish Gartley completed and ready for its next move down. Enjoy :D
GBP/NZD has picked momentum and is extending upside from record lows at 1.6705 hit during November 2016. We have evidenced a 'Golden Cross' formation (bullish 50-DMA crossover on 200-DMA) on the daily charts. The pair is currently struggling at major trendline resistance at 1.8845. Breakout will see resumption of upside. On the monthly charts, we see Stochs...
GbpNzd is nearing the lower range of its upwards channel. Based on the indicators there's still enough buying pressure and trend strength left for GbpNzd to go up. And a break of the lower range isn't very likely. Take profit: 1.89>1.92 Stop loss: 1.87. If the lower range does break then switch to sell for 400-500 pips target
Strong resistance, we can expect price to retrace. Happy Trading :)
Decrease to the level and further growth in the daily trend!
Also riding the recent bullish trend of EUR and GBP pairs after the 1st round of French presidential election. If it doesn't hit 1.90 which is my TP2, there's high probability that at least it would hit 1.89 (TP1). But I'll be closely watching (and maybe manually close all remaining EUR and GBP open positions I have) before the ECB press conference tomorrow...
There is bearish Reversal sign to go with more bearish, give feed back, Thanks
1)Brexit Starting at 29.03.2017 00:00 (downtrend) strong impact 2) Bank rates of NewZealand 1.75% , gpb 0.25% (downtrend) strong impact 3) Support and Resistance trend-range is broken from the bottom (downtrend) medium impact *** - It is up to the banks to correct this bearish trend that will heppend - 20% possibility market to be consumed the news already, 80%...
GBPNZD Bearish bat Wait the daily closure if it close under 1.77 it's good to short