Trade Idea: GBPNZD Falls Back To Ascending Wedge Pattern
Important note on charts:
It’s imperative to your trading success, you are trading with a broker that offers “New York Close Forex Charts” where each daily candle opens and closes at 5 pm EST. This is essential with trading price action correctly.
Trade Setup Disclaimer:
All my trade setups provided, is not advice or a recommendation to trade or invest. It is solely for educational and general information only.
Don’t blindly buy or sell the Forex markets discussed in this trade setup. Do your own research and always be aware of the risks and rewards.
Potential Trade Setup: Will Buyers Hold Their Ground On The GBPNZD As Price Tests Ascending Triangle
All charts I provide are of the Daily time frame unless stated otherwise.
Trend: Very Bullish
Key Levels: Broken Ascending Triangle and Key Support zone 1.9540 > 1.9621
Resistance level above 2.0022
Price Action Signal: Awaiting a Bullish price action signal at the buy zone indicated above
Chart Notes: The GBPNZD broke out of a ascending triangle pattern over a week ago.
With a strong bullish bias that remains intact, will buyers hold their ground on the GBPNZD, with now looking for broken resistance area to act as a buy zone.
Potential Trade Idea:
I am considering buying this pair again if the broken key zone of 1.9540 > 1.9621 now holds as a new support.
I will be looking for a strong bounce of this key level with a nice bullish reversal candlestick pattern.
This setup has plenty of room to the previous daily highs for a 1-1 first target.
Then targeting a fib extension target and previous market structure of the daily highs at around the 2.0443 area.
I can’t stress enough here, that patient and discipline is the key to any successful trader.
Now is your turn:
How are you planning this setup? What are you looking for to catch the next bullish move with this pair? Just leave any question or comments below.
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