GBPNZD Technical Analysis 13 March 201
GBPNZD found buyers January 15/2017 and has bounced higher. A bullish pattern (Blue) triggered a buy January 15/2017 and bulls have been pushing the pair higher since. At this moment we can now see another possible bullish pattern (Red) emerging possibly in the coming days or weeks. Traders need to wait for the red bullish pattern to terminate point C and should look for any possible buying opportunities on the retrace/pullback of red point D against red point B low. Traders also need to understand that GBPNZD can also continue higher to the target level without terminating point C and thus we will not see the point D pullback/retrace to enter any trade. It’s possible a move higher above 1.7860 with no pullback/retrace can send the pair higher to the target level.
As long as GBPNZD stays above March 1/2017 low (1.7139) we can expect another move higher towards the 1.8120 Target level. A break below 1.7139 will invalidate the possible Red bullish pattern.
GBPNZD Technical Analysis: Daily Chart
If looking to buy GBPNZD traders should be patient and wait for the Red point D pullback to the possible bounce/support area. Waiting for the red point D pullback/retrace to the possible bounce/support area will offer a better risk/reward swing trade.
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter > @AidanFX if you have any questions or chat me on Skype > EWF Aidan Chan
*** Always use proper risk/money management according to your account size ***
At Elliottwave-Forecast we cover 52 instruments (Forex, Commodities, Indices) in 4 different timeframes and we offer 3 Live Session Webinars everyday. We do Daily Technical Videos, Elliott Wave Trade Setup Videos and we have a 24 Chat Room. Our clients are always in the loop for the next market move.
Try Elliottwave-Forecast for 14 days FREE !!! Just click here –> 14 day FREE trial
Elliottwave-Forecast.com (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients. ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.