GBPNZD: Will it have the force to go long? YES

16 февр.

The GBPNZD situation presents a bearish structure, highlighted by three recent touches on the trendline. However, it currently sits within a demand zone on H4, where yesterday I observed a bounce at the 62% Fibonacci level, supported by an H4 candle. This bounce, in my opinion, is worthy of consideration. Shortly after, the market experienced an uptick, also supported by the demand zone, with a structural change to the upside on M15. If we had entered the position yesterday, the trade would still be open and showing a modest profit. Currently, the goal is to await a retest of the demand zone before transitioning from an H4 to an M15 chart, where I will assess whether there will be a structural change to the upside for a long entry. Additionally, I will move my entry directly to the market if the last bearish candle before the impulse shows a pin bar or a doji. Otherwise, if it's a bearish structure candle, I will place a buy limit at the high of that candle. In the event this scenario occurs, my target will be the 2.0952 level, where a previous high with liquidity yet to be filled is located. I will keep you updated on the situation's developments. Best regards and happy trading to everyone from Nicola.