In this technical blog we’re going to take a quick look at the past Elliott Wave charts of GBPNZD published in members area of www.elliottwave-forecast.com. We’re going to explain the Elliott Wave forecast and our trading strategy
As our members know , we were pointing out that GBPNZD is trading within larger bullish trend. The pair is showing incomplete bullish sequences in 2 cycles of larger degrees: from the November 2016 and June 2017 lows. Consequently , we advised our members to avoid selling it,and keep buying the dips in 3,7,11 swings when get chance.
Let’s take a look at the previous short term Elliott Wave forecasts.
GBPNZD 1 hour Asia update 11.28.2017
As we can see on the charts bellow wave ((x)) back is in progress, correcting the short term cycle from the 1.878 low. Proposed pull back is unfolding as Double Three structure (w)(x)(y), when we’re already in (y) leg lower. More precisely we’re in 7th swing from the peak that is looking for 1.9136-1.8996 area to complete proposed pull back. We don’t recommend selling the pair and favor buying the dips at the mentioned area. Invalidation for the long positon is break below 1.8996.
GBPNZD 1 hour New York Midday update 11.28.2017
Shortly after we got proposed leg lower toward our buying zone. Short term sellers broke little bit below 1.236 fibonacii extension level:1.9100, however buyers appeared immediately and the price has made sharp rally from there. We’re getting nice reaction so far and calling pull back ((x)) completed at 1.90749 low. Long positions are already risk free.
GBPNZD 1 hour London update 11.30.2017
1.90749 low held nicely during short term pull back and we got further rally. Buyers were strong enough to break the price above previous peak, reaching important technical area : 1.98284 where buyers will be taking profits.
Note: we have removed some lables on the chart below, in order to protect clients’ privileges. Keep in mind market is very dinamic and view could have ended in meantime. If you’re interested in new Elliott Wave forecasts of GBPNZD you can find them in the membership area of EWF.
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