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GBPUSD 1-2 months trading plan.This is an update to my early February two month trading plan: GDPUSD has hit eventually our 1.3200 downside target after being rejected on more time just below the Lower Highs trend-line of July 30 2021. As you see, this trend-line is what's causing the long-term bearish trend on the pair, which can be alternatively viewed as a Channel Down, which only broke to the downside to test the 1W MA200 (red trend-line). At the same time the 1D MA200 (orange trend-line) appears to be a Resistance level as since late September 2021 has rejected the price 2 times. That (the 1D MA200) should be the target (actually would be more fair to set it at 1.3550) as long as the 1W MA200 is holding as a Support. It broken, the plan should be to take loss and sell instead targeting the -0.236 Fibonacci extension (1.2920). A 1D candle closing above the Lower Highs trend-line, should be treated as a bullish break-out signal (1.4000). You can keep an eye on the 1D RSI for extra weight on timing the rebound. Since September 2021, every time it has hit the 30.000 level, the GPBUSD pair made a Lower Low and rebounded. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
by TradingShot
2
GBPNZD testing 1D MA200. Buy opportunity if it holds.GBPNZD is testing the 1D MA200 (orange trend-line) today after an almost 1 month correction since the February 03 High. That High was a Higher High on a +1 year series of Higher Highs. The last time we saw such an aggressive correction on a Higher Highs pattern to the 1D MA200, was in October - December 2019. During that sequence, the pair did test the 1D MA200, which also happened to be on the 0.5 Fibonacci retracement level (same as today), and as it held, it gave way to a new rally towards the 1.236 Fib extension. As a result, we should keep an eye on the daily candle closings for a rebound on the 1D MA200. If it holds, I expect a Higher High near 2.0800 this time. This pattern may be invalidated if we get a weekly close below the 1D MA200, in which case we can expect a new test on the Higher Lows trend-line from 2018. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
Long
by TradingShot
2
GBPUSD 27.02.2022Looking to short GU from 1.35000 zone Confluences: - GU was ranging without any signs of momentum. Last week, a breakout of the range occurred after a massive push to the downside - Broke below 1.35000 support region without retest. - Retest level (1.35000) which is currently the support-turned-resistance level falls inline with the 61.8% fib reversal levels. A potential push to higher fib extensions may occur, will look for signs of rejections once market reaches the sell zone
Short
by YajnaR
GBP/NZD Double Top in Play as RBNZ Hikes RatesThe New Zealand Dollar gained after the RBNZ raised interest rates to 1% form 0.75% in February. On the 4-hour chart, GBP/NZD confirmed a close under a bearish Double Top I have been closely following since last week: www.dailyfx.com This may hint at reversing the uptrend from November, with immediate support as the 38.2% Fibonacci retracement at 1.9890. Other levels below include 50%, 61.8% and 78.6% at 1.9691, 1.9492 and 1.9208 respectively. Overturning the bearish projection entails a confirmatory close above the 2.0487 - 2.0535 resistance zone. FX_IDC:GBPNZD
by QM_Dubrovsky