In my previous post i thought price action would reverse at the powerful 6.18 fib now it seems that price must show some bullish direction after hitting the 786 any movement below the green support szone would make my analysis invalid. If i get stopped out thats fine, decent risk to reward if price goes in my direction
- Price action hit 50% fib, - watching to make new highs
Recent Corrective price action on the GBP/NZD Hit 50 fib, hoping for a break of the channel and some to new structure highs
GBPNZD LONG Looking to get long on this pair and target recent highs for a quick trade, market conditions will be pretty quiet over the holiday period although we do have NZD GDP coming up on Thursday. 1.77 has been a strong level acting both as resistance and support both on the longer and shorter timeframes, market conditions are currently bullish impulsive in...
Intra-Bullish , pending short trade Bull seems like there is still power to move upwards. I will be camping the short trade at 1.808 zone to take a short trade if candle allows. Key Resistance - 1.808 Key Support - 1.74 - 1.70
Since there is divergence and after breaking some strong resistances it doesn't give strong signs to the upside I expect some move down. It can reach 61% fib and go from there or reach the bottom of possible broadening triangle pattern.
GBPNZD has been on my radar for weeks and actually MONTHS! I've been waiting for this pair to start showing upward momentum and start pushing higher, it has given us a favorite chart pattern... a bull flag! ENTRY: I'm looking at 1.7700 area, there are fibs and flag support there, I would like to buy dips with short term trend line confirmation (1 hour trend line...
Watch for the breakout
gbpnzd is looking long because it is getting support from key level and we also got some price actions candles.
It looks like the pair is finally breaking out of the corrective structure, if confirmed this would mean a big trade to the downside as an impulse which would resume the main down trend.
The Japanese Yen has just been on a tare. For over a year year now its been dragging pretty much every opposing currency into the dirt. This setup is merely a continuation of that observation with a triangle pattern here contracting nicely. Definitely expecting another bearish breakout. Virtually identical setups can be found on other JPY pairs as well. Enjoy