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Gbpnzdanalysis

GBPNZD Top-Down AnalysisHello Traders, Here is the Top-Down Analysis of GBPNZD (Monthly, Weekly, Daily for direction and 4H for entry) for Week 49 - Dec 01 M > Market was moving in a rising channel but it broke out channel to the downside last month. Price is currently testing monthly support. W > Price opened and closed below the channel support hence this level will now act as resistance, though we can see rejection to the upside. D > Price has been dropping for past 4 days continuously in last week with rejection wick on Friday as the only sign of rejection to the upside. Market tested monthly support again yesterday but closed with rejection to the upside. As per COT GBP added major Long and few Short, slightly improving net positions, N-R have also added major Long but closed few Short positions, improving cumulative net positions. BXY gained strength during the said period however after gaining further strength last week it closed on a weak note. NZD further added both Long and Short bringing Long to the highest for the year, ZXY has gained strength all of November, it is now testing a major resistance level. For GBP Institutions have been closing Long since August and increasing their portfolio of Short, about 10K Short added in November. Hence weak GBP can be expected in long term. Whereas NZD has gained massive strength and we can only expect some correction. Hence GBPNZD can consolidate at current level for sometime. 4H > We saw bullish divergence and price has already retraced below 0.382 Fib level on last bullish move. A rejection to the upside from any of Fib level will provide a LH however we expect price to either consolidate or continue to drop. Pair Correlation: GBPNZD has positive correlation with EURNZD and negative correlation with NZDCHF, NZDCAD, NZDUSD and NZDJPY. This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions. Thank You AP17FX
by AP17FX
GBPNZD long trade ideaPlan: wait for the price to bounce off from support level --> wait for the rejection candle pattern to form e.g. bullish engulfing, pinbar, etc --> BUY **Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions. Traders!! if you like my ideas and do take the same trade as I do, please write it in a comment so we can manage the trade together. _____________________________________________________________________________________________________________________ Thank you for your support ;) GWBFX
Long
by GWBFX
3
GBPNZD Top-Down AnalysisHello Traders, Here is the Top-Down Analysis of GBPNZD (Monthly, Weekly, Daily for direction and 4H for entry) for Week 48 - Nov 23 M > Market is moving in a rising channel. Price reached support of channel coinciding with monthly support. We can expect a move to the upside. W > Price dropped to test support level again in two weeks filling in the wick of last weekly candle. We can see bullish divergence and can expect a rejection to the upside, however price can come down fill wick again. D > Price has dropped in fact thrice to test weekly support facing rejection, last daily candle ending in hammer. We can see bullish divergence. As per COT GBP saw closure of Long and addition of Short, reducing net positions further, however N-R have added Long and closed Short and Commercials have closed both Long and Short positions - bringing Short for them to least in current year. BXY however has been gaining strength for past 3 weeks. GBP is seeing closure of Long since August, bringing overall position of Long almost same as position held by N-R. Open interest in GBP has also reduced during the same period. NZD further added both Long and Short improving net positions to max for the year, ZXY has been gaining strength for past 3 weeks, it is now testing a major resistance level. We can expect some correction this week. 4H > We can see rejection at support level however we can all see bears putting all-in to push the price down. We will wait for price to create HH and on its way down to make HL will provide us an ideal Long entry. Pair Correlation: GBPNZD has positive correlation with EURAUD and negative correlation with NZDCAD, AUDCHF, AUDCAD and AUDUSD. This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions. Thank You AP17FX
Long
by AP17FX
2