GBPNZD (18July-22July) Outlook
Weekly
Closed the week with weaker bullish engulfing bar than GBPJPY signaling a trend change to bull bias. Confirm with next week candle.
Daily
Friday close formed a pinbar (very bearish) with highest volume for the week which i guess a profit taking event coupled with rate cut possibility from BOE.
Looking at the volume and situation last friday, we could expect it will retrace to Zone1 or even further to Zone2 next week (before 21July/ RBNZ).
My trading plan
Look for bull signal during the above-mentioned retracement.
EP- 1.825-1.835 and 1.795 to 1.805
TP- 1.885-1.930 Zone
SL- <1.768
Closed the week with weaker bullish engulfing bar than GBPJPY signaling a trend change to bull bias. Confirm with next week candle.
Daily
Friday close formed a pinbar (very bearish) with highest volume for the week which i guess a profit taking event coupled with rate cut possibility from BOE.
Looking at the volume and situation last friday, we could expect it will retrace to Zone1 or even further to Zone2 next week (before 21July/ RBNZ).
My trading plan
Look for bull signal during the above-mentioned retracement.
EP- 1.825-1.835 and 1.795 to 1.805
TP- 1.885-1.930 Zone
SL- <1.768