Hello Traders,
By recommending sells, I will be following the general trend of this pair. Over the last few months, the GBP that had been scaling and registering impressive gains in the process but I really think technical developments points to changing tides.
To begin with, there is an obvious sell signal in the daily chart and if we take hints of the last 3 months or so, prices have been on a down trend. Apart from the stochastic sell signal turning from deep the overbought territory, the over-extension and GBP over-valuation on March 22 mean odds of bears taking charge to correct that is high and we are already seeing that happening.
In my entry chart, AUD bulls are gaining momentum and even though the main support line is still in place, chances of it being broken is high. I will shift my attention to the stochastics and there is a buy signal. As such, I will wait until a stochastic sell signal prints before selling. Alternatively, I can place a sell stop at 1.94 and capitalize on any bear break out in case AUD bulls take charge without a sell signal printing.
This is my GBPAUD Trade plan:
Sell Stop: 1.94
Stop Loss: 1.96
Take Profit: 1.88
Or
Sell Limit: 1.96
Stop Loss: 1.98
Take Profit: 1.88
Let me know what you think!!

GBPNZD 4HR Chart for March 26, 2018

Source: Dalmas

GBPNZD Daily Chart for March 26, 2018

Source: Dalmas

One thought on “(Sell) GBPNZD Analysis for March 26, 2016”

  1. Wayne McDonell - TradersWay.com says:

    I’d like to see how the double top plays out before I pull the sell trigger.

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