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Gbpnzdsetup

GBPNZD | Perspective for the new week | Follow-upIt's approximately 700pips move in our direction since my last publication on this pair ( see link below for reference purposes) and the price has continued to reject the NZ$1.98000 zone. This is a sign that Buyers are yet to garner the momentum to push the price above this level in the last 9 months (since September 2020) hereby giving an advantage to Sellers from this area. Considering the memory at the NZ$1.98000 zone, Investors have been hesitant to keep buying the Pound New Zealand Dollar (GBP/NZD) exchange rate higher, as the Pound’s "bullishness" runs out of steam every time it reaches this level which is represented on the chart with Rejection I to IV. Tendency: Downtrend (Bearish) Structure: Supply & Demand | Trendline Observation: i. The Trendline indicated on the chart has been a significant factor in deciding the prevailing bias of participants in the market since the beginning of the year 2021. ii. It is important to note that as soon as the price touches NZ$1.98000 a sharp rejection happens and this has occurred three different times this year (March, May & June); This is a clue into the immense strength of Sellers at this juncture in the market. iii. Focus shall be below Key level I @ NZ$1.9670 for selling opportunity with confirmation at the Breakdown/Retest of Trendline. iv. Breakdown/Retest of Key level II @ NZ$1.9200 shall welcome addition to existing running position. v. CAUTION: Please note that confirmation remains below Key level I as any significant Break above NZ$1.98000 shall welcome a rally continuation at retest... Trade consciously!:) Trading plan: SELL confirmation with a minimum potential profit of 500 pips. Risk/Reward : 1:6 Potential Duration: 10 to 20days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
4
GBPNZD Elliot wave analysis in H4 GBPNZD Elliot wave analysis The fundamental factors has played key role in the recent downtrend in GBPNZD as the pandemic situation in England got worse and the economic condition in New Zealand was also in trouble and in some countries they re imposed some minor restrictions.Today the RBNZ has leave the rate unchanged this causing the further selling of GBPNZD in coming days. We can clearly see the price movement was within a broad rising channel and its about to reach the lower side of the trend line. And i am expecting further downside breakdown in coming days. Currently the Wave 02 was completed and Third major wave was underway.We can see a bearish engulfing pattern in 4 Hour time frame 1.94550 would be a desirable entry point for bear.The main bearish invalidation point was 1.97530
Short
by forexorbit
GBP/NZD Breaking OutThis now looks to be breaking above resistance. I said this was happening a couple of days ago but I jumped the gun slightly, hopefully if you opened the trade then you are still in. Now want to see this stabilise above resistance and possibly retrace to test it as support. If you are not in this trade then I suggest waiting for a retrace to support before longing. Could see some resistance at 1.93237, but target is 1.98013 Providing we see this close above resistance and support holding on a retrace then SL can be around 1.90600
Long
by olly48
1