New Swing Trade | GBP/NZD

I have identified a new swing trading opportunity on the GBP/NZD currency cross.

Let’s talk technicals…

Daily Outlook

Above is the daily chart for GBP/NZD. The price action presents a clear and precise wick-to-wick ascending trend line which has been broken & is now pulling back for the retest. On top of that is a shorter term descending trend line, sitting just above current market price.

We can also see the 2.01350 resistance & 78.6% fibonacci level coming into play here, with wick rejections holding price beneath the level, though this is not yet confirmed.

4 Hour Outlook

Above on the 4 hour chart, we can see just how well price action is rejecting off of the 78.6% key fibonacci level, and both trend lines. We are at the prime position for a sniper entry, we just need that confirmation…..

Wait for a 4-hour candle close beneath the trend lines & fibonacci levels to be sure. Wick rejections to the upside & a candle formation like a pin-bar would provide great confirmation for entry.

Targets

Intraday/shorter term trade targets can all sit within the range from current market price down to 1.990, this already offers up to 230 pips profit potential.

Longer term swing targets can roll all the way down towards 1.9700 & 1.93750. It will be important to remove risk from the position at least by the time we reach the 1.9900 support, that way we have no concerns for future price action, and no harm in the event of a reversal.

Trade Safe & Manage Risk!

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