GBPNZD on the Daily and 4 hour time frames has been pushing higher and is on a bullish trend. Shifting down to the 1 hour time frame we can see possible bullish scenarios where bullish patterns can offer support and push the pair higher. As long as GBPNZD stays above the May 2/2017 low (1.8555) we can expect bulls to push the pair higher above the May 4/2017 highs.
GBPNZD 1 Hour Bullish Pattern : The bullish pattern has already triggered buys at the BC 0.50% Fib. retracement level and the pair can push higher from current levels. The bullish pattern invalidation level is at the point B low 1.8555
GBPNZD 1 Hour Bullish AB=CD Pattern : If the pair continues lower there is a possible bullish AB=CD pattern that triggers buys at the 1.0% – 1.236% Fib. extension level. Another dip lower can trigger for more bulls to join in and push the pair higher.
GBPNZD 1 Hour Bullish Ewolfe and Falling Wedge Pattern: Also another bullish pattern can trigger if the pair makes another move lower. If the pair moves lower buys are triggered when price hits the BUY trend line. This bullish pattern also matches with the falling wedge pattern where bulls will be waiting to see price break above the wedge pattern. If the wedge pattern stays intact bullish confirmation will be the break above the top of the wedge pattern.
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan
*** Always use proper risk/money management according to your account size ***
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