Greetings Fellow Traders,
Very similar to the NZDUSD trade I posted about yesterday we are now seeing some good indications that the major anticipated breakout for NZD pairs are actually going to come to fruition. Recent price action on GBPNZD is shifting in a bullish manner towards the upper resistance of a price channel I've had my eyes on for months, it has offered plenty of trade opportunities in both directions all while maintaining the overall larger trend.
A couple weeks ago the bullish rally was a little too intense for the market and they simmered it down by adjusting the strength. Now, even with that strength we are poised to break the key technical level.
I will be looking for a confirmed daily close outside of the price channel as well as a retest of the former resistance.
This is a daily to weekly trade, good pip counts can be made short term using this set up too however bear in mind GBPNZD is a cross and can move substantially.
This move and confirmation will more than likely occur simultaneously with NZDUSD closing below .64000.
Feel free to comment/like/follow
Very similar to the NZDUSD trade I posted about yesterday we are now seeing some good indications that the major anticipated breakout for NZD pairs are actually going to come to fruition. Recent price action on GBPNZD is shifting in a bullish manner towards the upper resistance of a price channel I've had my eyes on for months, it has offered plenty of trade opportunities in both directions all while maintaining the overall larger trend.
A couple weeks ago the bullish rally was a little too intense for the market and they simmered it down by adjusting the strength. Now, even with that strength we are poised to break the key technical level.
I will be looking for a confirmed daily close outside of the price channel as well as a retest of the former resistance.
This is a daily to weekly trade, good pip counts can be made short term using this set up too however bear in mind GBPNZD is a cross and can move substantially.
This move and confirmation will more than likely occur simultaneously with NZDUSD closing below .64000.
Feel free to comment/like/follow
