Hi Traders! GBPNZD short term forecast update and follow up is here. On July 3rd, 2024 I shared this “GBPNZD Short Term Forecast And Technical Analysis” post in our blog. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Home Trader Club Spoiler alert – free memberships are available!
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My Idea:
On the H4 chart, based on the Heikin Ashi candles we can see that currently, we have strong bullish bodies in upward moving market conditions so it basically reflects a bullish environment. In addition to this, there are no signs opposing this bullish view at the moment. Currently, it looks like the price is moving inside a range. This range is formed by the highs and lows reaching parallel support and resistance zones. A valid breakout above the top of the range would be the validation for this bullish view. Alternatively if we get a valid breakout below the bottom of this range then this bullish view will be invalidated.
GBPNZD H4( Hours) Chart Current Scenario
In this pair my short term view was bullish and I mentioned that “A valid breakout above the top of the range would be the validation for this bullish view. Alternatively, if we get a valid breakout below the bottom of this range then this bullish view will be invalidated”. The validation for the short term bullish view which is a valid breakout above the top of the range happened here as per the plan. We then had a small pullback with the price retesting this breakout and most importantly there were no signs opposing this short term bullish view. The price then moved higher further as I expected it to and delivered 1000+ pips move to the upside as you can see in the image below!
On the M15 chart, the market provided us with various facts supporting the bullish view. The price which was moving lower created a bullish divergence between the first low that has formed at 2.08704 and the second low that has formed at 2.08329 based on the MACD indicator. The price then moved higher and broke above the most recent downtrend line, we may consider these as facts provided by the market supporting the bullish view. Then as you can see in the image below how the price moved higher after that and provided a wonderful move to the upside!
So traders, when it comes to trading, there are various important factors that we need to pay attention to, just because we have a good setup doesn’t mean that we can enter the trade randomly and it will pay us huge profits. First of all, we need to validate the entry and we should have a perfect entry plan to get into the trade which is a key factor when it comes to trading. This GBPNZD short-term forecast is yet another good example of this scenario.
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Happy Trading!
Arvinth Akash
Home Trader Club Team.
