Pound Kiwi (GBPNZD) Long!!!
Hey Everybody, Alex Here!
As you can see I'm currently eyeing a nice long set up on GBPNZD. I know everybody is bearish (bad) on the GBP at the moment due to all the discord concerning the Brexit talks currently taking place in Brussels. Even thought the overall sentiment towards the GBP is bearish (bad) and this trade is favouring GBP strength over the NZD, the economic out look for NZD is not looking good either, terrible actually. Thats the key here! For all you traders that really like your fundamentals to be in order before taking a trade, this isn't a trade of one currency being positive and the other being negative, its more of a... which currency sucks the least. So with that being said I do feel that UK is in better shape then the New Zealand art the moment.
Now that we got the Fundamentals out of the way, lets just clarify the Technical confluences outlined in the video.
as you can see price broke to the upside of the wedge it has been forming, and has been on a sharp trend upwards ever since.
On top of that a last leg of the Eliott Wave is looking likely, with nice doji candles forming at an area of prior resistance now turned support which also happens to be the %0% fib level.
As you can see there are decent Fundamentals paired with many Technicals supporting a move upwards for this pair!
Hope this idea helps, and please feel free to like or comment as long as its positive!
Happy Trading,
Alex
As you can see I'm currently eyeing a nice long set up on GBPNZD. I know everybody is bearish (bad) on the GBP at the moment due to all the discord concerning the Brexit talks currently taking place in Brussels. Even thought the overall sentiment towards the GBP is bearish (bad) and this trade is favouring GBP strength over the NZD, the economic out look for NZD is not looking good either, terrible actually. Thats the key here! For all you traders that really like your fundamentals to be in order before taking a trade, this isn't a trade of one currency being positive and the other being negative, its more of a... which currency sucks the least. So with that being said I do feel that UK is in better shape then the New Zealand art the moment.
Now that we got the Fundamentals out of the way, lets just clarify the Technical confluences outlined in the video.
as you can see price broke to the upside of the wedge it has been forming, and has been on a sharp trend upwards ever since.
On top of that a last leg of the Eliott Wave is looking likely, with nice doji candles forming at an area of prior resistance now turned support which also happens to be the %0% fib level.
As you can see there are decent Fundamentals paired with many Technicals supporting a move upwards for this pair!
Hope this idea helps, and please feel free to like or comment as long as its positive!
Happy Trading,
Alex
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