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Gbpnzdsignal

GBPNZD | Perspective for the new week | Follow-upFollowing Downing street’s lockdown exit plan; the Pounds appears to have found a platform to rise against the Kiwi as confidence in the UK economy resumes! With over 300pips in our favour since my last publication on this channel (see link below for reference purposes), we might be on the verge of a very LONG rally in the coming week(s) as the price seems to have established a Support @ NZ$1.88500/1.90000 area - a level which has been respected since the beginning of the year since the Breakout on the 15th of January 2021. Tendency: Uptrend ( Bullish ) Structure: Breakout | Supply & Demand | Reversal pattern (DB) Observation: i. The Bearish Impulse leg that began in March 2020 appeared to have found a bottom at around NZ$1.85000 to make a Double Bottom structure - a strong reversal pattern that incites Bullish tendencies. ii. My Key level identified @ NZ$1.90500 as been an area that dictated the momentum of price action since Nov 2020. iii. This Key level that has been a Supplication zone since Nov 2020 appears to have become a strong Demand level since Breakout (Jan 2021) followed by sharp rejection. iv. A quick look at my weekly chart supports completion of a reversal pattern as last week trading session culminates with a beautiful "hammer candle"! v. Last week Friday trading session experienced an engulfing Bullish candle spring out of Demand level to emphasize the strong presence of Buyers at this juncture in the market. vi. This been said, I shall be looking for buying opportunity anywhere above my Key level @ NZ$1.90500 in the coming week(s) to take advantage of this rally. Trading plan: BUY confirmation with a minimum potential profit of 800 pips. Risk/Reward : 1:5 Potential Duration: 20 to 40 days 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 foreign exchange trading, CFDs, 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.
Long
by darcsherry
2
GBPNZD | Perspective for the new weekDespite the UK’s coronavirus pandemic situation... I still hold on to an overall Bullish perspective due to the reversal structure (the culmination of 127.2 ext Bearish run) cited on my Daily chart; I am of the opinion that price is at a juncture where the opportunity for a quick counter-trend trade is possible before the rally begins! Tendency: Short term Downtrend ( Bearish ) Structure: Double Top | Supply & Demand Observation: i. Double Top: The appearance of an extremely bearish reversal pattern forms after the price reach a peak at two consecutive times with a moderate decline between the two highs (NZ$1.92150/1.91980). ii. Though it is generally accepted that sell confirmation happens once the price falls below the demand level equal to the low between the two peaks (NZ$1.92150/1.91980), Considering the present pattern, I shall be tweaking this concept lil' bit by making a Sell window at the new Supply level @ NZ$1.91000 in the coming week. iii. For those who are a little bit cautious, we can hold till price breaks neckline @ NZ$1.89000 area for confirmation. iv. Please note: I am of the opinion that the exhaustion of bearish move after Breakdown of the neckline will be resulting in a Big rally in the future! Trading plan: SELL confirmation with a minimum potential profit of 350 pips. Risk/Reward : 1:3 Potential Duration: 8 to 15 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, 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.
Long
by darcsherry
7
GBPNZD Long-term Bearish SetupHi Traders! GBPNZD has been trading a corrective channel for about two months. The pattern within the channel is unfolded as a double zigzag pattern. According to Elliot Wave theory, once a correction is completed the price will resume in the direction of the dominant trend. It's bearish in the GBPNZD case. Another technical analysis that's supporting bearish reversal is the rejection of the 200 EMA and long-term descending trendline. The breach of the 1.91653 key level will confirm the correction is completed and the price has resumed the downtrend. What's your view on GBPNZD? Let me know in the comment. Thanks, Veejahbee.
Short
by Veejahbee
7
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
GBP/NZD Should See a RetraceAfter yesterdays Bank of England announcements all GBP pairs have spiked upwards. I would expect a retrace on this soon before generally continuing upwards. I am bullish on GBP in the long term but there should be some short term shorting opportunities coming. This is also at a big monthly and daily resistance level which should make a drop more likely, and at the moment risk off currencies are very strong (NZD, AUD, CAD). Im looking for a TP at 0.5 Fibonacci, although you can also target 0.618 which would complete the neckline of structure (as highlighted in green) TP - 1.90205 SL - 1.92050
Short
by olly48
2