GBPNZD Short Term Forecast Update And Follow Up

Hi Traders! GBPNZD short term forecast update and follow up is here. On December 5th, 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 H1 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. Also, the price which is moving higher has created a bullish trend pattern in the form of three higher highs, higher lows, we may consider this as another evidence of bullish pressure. Generally, after a bullish trend pattern, we may expect corrections and then potential continuation higher. Currently, it looks like a correction is happening. In addition to this, we had two strong resistance zones that has formed and the price which was moving higher has broken above these zones and is holding above them. After the breakout these strong resistance zones are acting as two strong support zones for us. Until both these strong support zones shown in the image below (marked in green) holds my short term view remains bullish here and I expect the price to move higher further after pullbacks.

 

 

 

GBPNZD H1(1 Hour) Chart Current Scenario

 

 

You can see this move clearly on the H4 chart below

 

 

We had facts supporting the bullish view on the M15 chart. After the bullish trend pattern, we had a flat correction in the form of a range and the price which was respecting this range moved higher and broke above the top of it. The price then retested the breakout, we may consider this as a hint provided by the market supporting the bullish view and also there were no signs opposing this bullish view. The price then moved higher further and provided a wonderful move to the upside as you can see in the image below.

 

 

As traders we always have two choices, the first one is to fall in love with our analysis and try to convince the market and expect the price to move in the direction as per our wish. The second one is to follow the facts that the market provides us and make the right actions according to that. As you know the first option won’t help us and as you can see in the example above what happened when we followed the facts that the market hinted to us and took the right action according to that.

For similar trade ideas and much more I invite you to

 

Happy Trading!

Arvinth Akash
Home Trader Club Team

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