GBPNZD Technical Analysis And Forecast

0
260
GBPNZD Forecast Update And Follow Up

Hi Traders! GBPNZD technical analysis and forecast is here. We do our analysis on the MetaTrader4 platform (MT4). Some very interesting and useful tips and hacks about the MT4 platform could be found here. 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!

GBPNZD D1(Daily) Chart Analysis – Downtrend Line Breakout, Bullish Trend Pattern

On the daily chart, the price which is moving higher has broken above the most recent downtrend line which we may consider as evidence of bullish pressure. 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 the correction that we are looking for is happening. We may now move down to lower timeframe and see if we can find evidence supporting this bullish view.

(Note: You can learn about a Killer Forex Strategy “Double Trend Line Principle” here)

GBPNZD Technical Analysis And Forecast

 

 

GBPNZD H4(4 Hours) Chart Analysis – Range, Key Support Zone, Bullish Divergence

Looking at the H4 chart we could see that the daily correction is happening in the form of a range. This range is formed by the highs and lows reaching parallel support and resistance zones. The price which is moving inside this range has reached a key support zone formed by the 100%(1.92155) Fibonacci expansion level of the first wave, the 100%(1.92247) Fibonacci expansion level of the second wave, and the bottom of this range. The price respected this key support zone and bounced higher from this zone. We also had a bullish divergence that has formed between the first low that has formed at 1.92323 and the second low that has formed at 1.92051 based on the MACD indicator which we may consider as evidence of bullish pressure. So until this key support zone holds my view remains bullish here and if we get a valid breakout above the top of this range, we may then consider it as a validation for the bullish view and may expect the price to move higher further.

GBPNZD Technical Analysis And Forecast

 

Technical Analysis & Forecast Summary

GBPNZD D1(Daily) Chart Analysis 

  • Downtrend Line Breakout, Bullish Trend Pattern

GBPNZD H4(4 Hours) Chart Analysis

  • Range, Key Support Zone, Bullish Divergence

 

Trading Tips

It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.

Also, don’t forget to protect your buy trade using a stop loss and make sure to set a target and keep a proper risk/reward ratio.

You will also find a pretty extensive database of educational materials here in the blog – just use the search or check out the Forex Education section above.

Not sure how to enter a trade? Spot reversals (bounces)? Not sure how to spot breakouts?

I invite you to join us in our live market analysis, on daily basis, and improve your trading with us.

Join Traders Academy Club Now

Also, you can get one of our strategies free of charge. You will find all the details here

 

If you have any further questions, don’t hesitate to drop a comment below!

 

To your success,

Vladimir Ribakov
Certified Financial Technician

 

 

 

 

Click To Join Our Community Telegram Group

Advertisement

How to Invest in Amazon

4 Advantages of Amazon Investing - Read More

  • Amazon’s net a bullish 450% 5-year gain
  • Amazon’s ROI is 6x’s the S&P 500 Index of 67%
  • AMZN shares may hit +$10,000 by mid-November 2024
  • Amazon’s growth since IPO tops more than 12,000%

Now is the time to invest in Amazon

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments