GBP/NZD-Daily overview
Hello everybody!
-On a daily chart, we can see that the price reached the support area and formed a double bottom pattern which is a reversal pattern so we can expect that the bulls are going to gain some momentum in that area.
-The support area is tested multiple times and rejected so I consider that area as a strong area of support.
-The Stochastic indicator is showing us an oversold area so we may also expect that the bulls are going to gain some power in that area.
-The best time to enter the trade will be when the price forms some engulfing pattern or some reversal candlestick formation like doji or a hammer.
-We also want that the price breaks a small resistance area and then retests it and then we can also enter a long trade after that.
-Before taking action in Forex, please check the economic calendar and currency strength meter.
-WHAT DO YOU THINK ABOUT THIS SETUP?
Please let me know in the comment section!
THANKS FOR READING!
-If you have some different opinions please let me know and if you like this please hit that like button and give me support, I will appreciate every support.
-Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not Financial advice.
-On a daily chart, we can see that the price reached the support area and formed a double bottom pattern which is a reversal pattern so we can expect that the bulls are going to gain some momentum in that area.
-The support area is tested multiple times and rejected so I consider that area as a strong area of support.
-The Stochastic indicator is showing us an oversold area so we may also expect that the bulls are going to gain some power in that area.
-The best time to enter the trade will be when the price forms some engulfing pattern or some reversal candlestick formation like doji or a hammer.
-We also want that the price breaks a small resistance area and then retests it and then we can also enter a long trade after that.
-Before taking action in Forex, please check the economic calendar and currency strength meter.
-WHAT DO YOU THINK ABOUT THIS SETUP?
Please let me know in the comment section!
THANKS FOR READING!
-If you have some different opinions please let me know and if you like this please hit that like button and give me support, I will appreciate every support.
-Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not Financial advice.
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