GBPNZD Forecast Follow Up And Update

Hi Traders! GBPNZD forecast follow up and update is here. On April 9th I shared this “Weekly Forex Forecast – AUDCAD, GBPNZD” video in my Youtube channel. 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 Traders Academy Club. Spoiler alert – free memberships are available!

My Idea:

My idea here was to look for pullbacks and then buys.

Note: You can watch the detailed explanation of this idea here

GBPNZD H4(4 Hours) Chart Current Scenario

On the H4 chart, the price action followed my analysis exactly as I expected it to here. The price which was moving lower created a bullish divergence between the first low that has formed at 1.88956 and the second low that has formed at 1.86732 based on the MACD indicator which we may consider as evidence of bullish pressure. Then the price moved higher and broke above the last high at 1.89958 thus creating higher highs which we may consider as another evidence of bullish pressure. In addition to this, the price has also broken above the top of the range which we may consider as yet another evidence of bullish pressure. We then had a pullback and then the price moved higher further as per my plan, delivering 380+ pips move so far!
Also, the market provided various facts supporting the bullish view on the H1 chart. The price which was moving higher has created a bullish trend pattern in the form of three higher highs, higher lows, we may consider this as evidence of bullish pressure. Generally, after a bullish trend pattern, we may expect corrections and then potential continuation higher. We then had a pullback with the price reaching a strong support zone, respected it and bounced higher from this zone. In addition to this we also had a bullish hidden divergence that has formed between the first low that has formed at 1.87111 and the second low that has formed at 1.89184 based on the MACD indicator which we may consider as another evidence of bullish pressure. Then as you can see in the image below how the price moved higher further after that and provided a fantastic move to the upside so far!
So, traders, this is why I wanted to show this example to help you understand how important it is to follow the facts. The facts were supporting the bullish view here and there were no signs against it. When the facts do happen as we expected you can see how the price perfectly moved as per the plan. Because these are the kind of hints the market provides us at majority of the times and it’s our obligation as traders to be able to listen to these things that the market tells us and we should try to make the right actions accordingly.

 

To your success,

Vladimir Ribakov
Certified Financial Technician

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