This week I am anticipating for price to come up a bit more to an unmitigated supply zone before I take potential intraday short positions down until an unmitigated demand zone, 50% of a mentfx block and price would also be taking out equal lows around 1.91800. If price reaches this area and gives me a confirmation then I am looking to take buys from this area.
From looking at structure with a top down analysis I have placed some areas that I see price most likely coming to both short term and long term. I have placed an alert at 1.98252 to see if price gets to my POI for a potential short position. However if price decides to hit my alert at 1.92396 first then I will look for a potential long position in my POI.
Trading suggestion:
". There is still a possibility of temporary retracement to the suggested resistance line (1.9676).
if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. GBPNZD is in a range bound, and the beginning of a downtrend is expected.
. The price is below the 21-Day WEMA, which acts...
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CMP 1.99437 SL 1.99800 TP 1.95900
USE TRAILING STOPLOSS
DONT RISK MORE THAN 1% OF YOUR ACCOUNT
NOTE :- GIVEN TRADES ARE FOR EDUCATIONAL PURPOSE ONLY . TRADE AT YOUR OWN RISK
Trading suggestion:
". There is still a possibility of temporary retracement to the suggested resistance line (1.9751).
if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. GBPNZD is in a downtrend, and the continuation of the downtrend is expected.
. The price is below the 21-Day WEMA, which...
GBP NZD
1 HR TIME FRAME
HIGHIER TIME FRAME SHOWS THAT STILL IT IS IN BEARISH MOVE
IT FORMS A HEAD AND SHOULDERS PATTERN
WE CAN EXPECT A GOOD BEARSH MOVE AFTER THE BREKDOWN OF THE DEMAND ZONE
