GBP/NZD 4H Timeframe Analysis
GBP/NZD 4H Timeframe Analysis
Trend Analysis:
On the 4-hour timeframe, the GBP/NZD pair remains in an uptrend, forming a series of higher highs and higher lows. Price recently bounced from a major support level, allowing buyers to regain momentum and push the price higher.
The pair broke through a minor key resistance zone at 2.19900–2.21600, continuing its bullish move toward the next minor resistance at 2.24200. However, a doji candlestick formed below this level, signaling indecision, and was followed by a bearish candle, prompting a reversal back to the minor support zone.
Price is now consolidating and accumulating buyer orders above this minor key support. We anticipate a continuation of the bullish trend but remain cautious of a potential break below this level, which could trigger stop-loss liquidations before a renewed upward move.
Price Action Expectation:
Our objective is to wait for additional liquidity to build within the liquidity zone. Once confirmed, we will watch for a bullish breakout above the trendline.
Entry Plan:
Place a buy stop order at 2.22050 to confirm entry upon a bullish breakout.
Stop Loss: Set at 2.21170, below the liquidity grab area for effective risk management.
Take Profit: Target the recent resistance at 2.24200, providing a 1:2 risk-to-reward ratio.
Key Levels to Monitor:
Support Zone: 2.19900–2.21600
Resistance Zone: 2.24200
Additional Considerations:
Watch for price accumulation and liquidity grabs within the support zone.
Monitor candlestick patterns and price behavior near the trendline for breakout confirmation.
Conclusion:
GBP/NZD shows bullish potential as price consolidates above the minor support zone. A breakout above 2.22050 would confirm the continuation of the uptrend, targeting 2.24200 for a compelling 1:2 risk-to-reward ratio. However, stay vigilant for a potential break below the support zone to account for possible stop-loss liquidations before a renewed upward move.
Trend Analysis:
On the 4-hour timeframe, the GBP/NZD pair remains in an uptrend, forming a series of higher highs and higher lows. Price recently bounced from a major support level, allowing buyers to regain momentum and push the price higher.
The pair broke through a minor key resistance zone at 2.19900–2.21600, continuing its bullish move toward the next minor resistance at 2.24200. However, a doji candlestick formed below this level, signaling indecision, and was followed by a bearish candle, prompting a reversal back to the minor support zone.
Price is now consolidating and accumulating buyer orders above this minor key support. We anticipate a continuation of the bullish trend but remain cautious of a potential break below this level, which could trigger stop-loss liquidations before a renewed upward move.
Price Action Expectation:
Our objective is to wait for additional liquidity to build within the liquidity zone. Once confirmed, we will watch for a bullish breakout above the trendline.
Entry Plan:
Place a buy stop order at 2.22050 to confirm entry upon a bullish breakout.
Stop Loss: Set at 2.21170, below the liquidity grab area for effective risk management.
Take Profit: Target the recent resistance at 2.24200, providing a 1:2 risk-to-reward ratio.
Key Levels to Monitor:
Support Zone: 2.19900–2.21600
Resistance Zone: 2.24200
Additional Considerations:
Watch for price accumulation and liquidity grabs within the support zone.
Monitor candlestick patterns and price behavior near the trendline for breakout confirmation.
Conclusion:
GBP/NZD shows bullish potential as price consolidates above the minor support zone. A breakout above 2.22050 would confirm the continuation of the uptrend, targeting 2.24200 for a compelling 1:2 risk-to-reward ratio. However, stay vigilant for a potential break below the support zone to account for possible stop-loss liquidations before a renewed upward move.
Penafian
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