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GBP/NZD Potential Upward Movement

GBP/NZD Long-Term Trend: Bullish

Key Resistance Levels: 2.04362, 2.05207, 2.06000.

Key Support Levels: 2.03619, 2.03078, 2.02373

1-Hr Time Frame:

The price on the higher time frame succeeded to break the bearish trendline to the upside after finding buyers below the support level around the 2.03619 NZD mark. This could lead to a move higher in the coming hours.

GBP/NZD Medium-Term Trend: Bullish

15-Mins Time Frame:

On the lower time frame, the buyers are pushing the price higher is in a new trend where we are clearly in an impulsive wave. A higher highs and lows has been posted which led to a break of the resistance (now support). A lower correction could be seen before a new bullish impulsive wave toward the target profits.

Buy Market Order @ 2.03702

TP 1 @ 2.04362

TP 2 @ 2.05207

Stop Loss @ 2.03048

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

2 comments

  1. Hi, I entered with market order at the right price but did not reached the TP1 a took the stop loss at around 13:03 GMT+1. Was a my mistake or the trade went in the opposite direction?

  2. Hi Pat, missed entry, any chance to take entry now.
    Thanks

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