GBPNZD Up Up and Away!
Hey there traders, so here I am looking at GBPNZD on the 1hr time frame. First off, I would like to say thank you to all of my viewers! Second, let's get down to business!
The market has finally broken above the bull flag formation that has formed over the past week, and I am now sitting on my hands waiting for the breakout to CONFIRM the top of the bull flag as new support. I can see this being a reality, as we also have the 20 EMA (in blue) and 50 EMA (in red) which lye right underneath the top of the bull flag which is going to strengthen this level as support.
If we do not fall back and find this level as support and we continue upwards, well then looks like I will have missed this trade. Better to be safe than sorry (wahh wahh wahhhh).. I always wait for a confirmed breakout, and usually we come back around to find support one last time before BLASTOFF!
As you can see the MACD is looking rather bullish, especially on the 4hr time frame! However, the Stoch RSI is overbought, but this indicator tends to stay overbought or oversold sometimes for extended periods of time. On the 8hr time frame, the Stoch RSI is looking fantastic for a swing to the upside!
Overall, at this current time I am bullish on this currency pair, AS LONG AS we do not fall back into the bull flag. If and when we reach the upside target, I will re-assess the pair and possibly short depending on the indicators, since this is going to be our next level of resistance to the upside.
Have fun! Good luck..
~Mainstay
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
The market has finally broken above the bull flag formation that has formed over the past week, and I am now sitting on my hands waiting for the breakout to CONFIRM the top of the bull flag as new support. I can see this being a reality, as we also have the 20 EMA (in blue) and 50 EMA (in red) which lye right underneath the top of the bull flag which is going to strengthen this level as support.
If we do not fall back and find this level as support and we continue upwards, well then looks like I will have missed this trade. Better to be safe than sorry (wahh wahh wahhhh).. I always wait for a confirmed breakout, and usually we come back around to find support one last time before BLASTOFF!
As you can see the MACD is looking rather bullish, especially on the 4hr time frame! However, the Stoch RSI is overbought, but this indicator tends to stay overbought or oversold sometimes for extended periods of time. On the 8hr time frame, the Stoch RSI is looking fantastic for a swing to the upside!
Overall, at this current time I am bullish on this currency pair, AS LONG AS we do not fall back into the bull flag. If and when we reach the upside target, I will re-assess the pair and possibly short depending on the indicators, since this is going to be our next level of resistance to the upside.
Have fun! Good luck..
~Mainstay
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
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