The pair has formed an inverted head and shoulder patttern on daily basis. The prices are at the bottom of the second shoulder and is supported by 21 days EMA. Buy the pair as soon as the prices sustain above the necline at 1.93541 i.e. a daily closing above this level. The price may hover between the height of the second shoulder which is a good sign before a...
. There is a possibility of temporary retracement to suggested support line (1.8571). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. GBPNZD is in a range bound and the beginning of uptrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance....
. There is a possibility of temporary retracement to resistance line (1.9635). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. GBPNZD is in a range bound and the beginning of downtrend is expected.
. Price is below WEMA21, if price rises more, this line can act as dynamic...
GBP NZD - Daily Chart - After seeing a good downtrend, looks like the pair is trying to reverse. Inverted H&S is still in process. Pattern will be confirmed only on breakout. But seeing at the Chart Structure, looks like it will. Patience is the key here. Now as pattern is identified, we will have to wait for breakout before initiating the long trade. Further,...
We'll be longing on this pair till next weekly resistance level as it has beautifully retested the Consolidation box. Looks Solid till next Resistance.
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While the price is below the resistance 1.9965, beginning of downtrend is expected.
We make sure when the support at 1.9350 breaks.
If the resistance at 1.9965 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Price may also reach 1.9350, if price reaches this level, we may enter by Daily-Trading-Opportunities, this...
From the chart, the price is now at the crossroads, it's also a prefect example for technical analysis .
It has already formed a bearlish bat from 2016.07-2016.05, and successfully reached the target price; Now, the D-point is converted to X point and form a bearlish bat again with the potential reversal zone made by 2.24BC and 0.886 XA.
There is also a...