Gbpnzdanalysis
GBPNZD - BUY 4HOUR-TIMEFRAMEAnalysis-
1. BREAK OF DESCENDING TRENDLINE
2. RETEST OF DESCENDING TRENDLINE
3. BULLISH PIN BAR FORMATION CONFIRMATION
GBPNZD LONG longs from pink box zone given await rejection then enter, if it doesn't reject this trade set up is then invalid
GBP/NZDResistance not broken on H1 and there's an ascending channel on H1 but this most likely will be broken.
Also, we can see a Double Top forming after the retrace and this pair may go down for another 400-500 pips
GBPNZD IDEAYou can use this channels and fibo 0.618 level , first sell top of the channel then we will looking for buy opportunity
GBPNZD BUY IDEAWe will buy from the bottom of the channel and our target will be the top of the channel. If the top of the channel breaks, we expect it to rise to 0.618 fibo level.
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Two possible scenarios for GBPNZD next week.. On screen analysisWe are in the middle of a pandemic right now with everything that is going on with the Corona virus. It seems to me that Australia and New Sealand were hit hard economically and will be in the next few weeks. My eyes will be on a long trade to the same level of the spike on March 8 which is a Monthly support and resistance level @2.17
On the other hand there could be a big change of events which could lead to a decline in value of the British Pound. Therefor we will first see a clear break of the recent Up trend and probably support turning in to resistance @2.02. When this happens my target will be 1.94 in a short trade.
Trade with care and caution! I will keep you posted on this one.
GBPNZD--M15--Long ForecastCreate a triangle pattern.
In long timeframe already break the trendline and retest previous resistance as a support...
So hope will BUY...
GBPNZD long trade ideaPlan : wait for 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 like i do, please write it in comment so we can manage the trade together.
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Thank you for your support ;)
GWBFX
