As with EURNZD, this pair is also taking its time and still leaning on the trendline support from the AUG 2017 low. However, buyers have failed to advance and Thursday’s 1.8994 close is suggesting that a breakdown is close. As long as 1.9020/70 holds as resistance on a Daily closing basis (5pm EST), the downside targets remain exposed with the first target at 1.8810, followed by 1.8610. Be patient and remember this is a fast moving pair when it starts moving, so be prepared and cover your “butt” with a SL.

GBPNZD - DAILY - 11 MARCH 2018

Source: QUEEN OF POUND (MARYNA)

2 thoughts on “GBPNZD – DAILY – TAKING ITS TIME – 11 MARCH”

  1. More NZD strength Maryna? Not much on the news front for NZD this week but there is GBP Budget Report on Tues, a market mover? The NZD has been quite resilient of late and the GBP showed weakness for most of last week, looking left though there are some strong levels to push through. Thanks for the post!

  2. Maryna says:

    Hey Charles, thanks for commenting! Indeed, we will have to see a strong NZD/weak GBP for this trade to materialize and my plan is based on my analysis of the pair. We also know the market can only go up or down and it’s more in consolidation, so we need patience and I will have no problem taking it up if that is what the market wants to do, but my bias for now is still down. Time will tell! I will follow up on this trade as soon as it makes a move!
    Kind Regards
    Maryna

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