We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • $EURGBP: el #euro continúa los avances por encima de 0.90 #trading https://t.co/Us9Pc6iyg0
  • 💶 Inflation Rate MoM Flash Actual: -0.1% Previous: 0.3% https://www.dailyfx.com/economic-calendar#2020-05-29
  • Crude Oil Prices May Fall on US-China Tension, Trump Speech Eyed - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2020/05/29/Crude-Oil-Prices-May-Fall-on-US-China-Tension-Trump-Speech-Eyed.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #CrudeOil #OOTT #TrumpPressConference #USChina https://t.co/rebhk19S4L
  • Heads Up:🇮🇹 Inflation Rate YoY Prel due at 09:00 GMT (15min) Expected: -0.1% Previous: 0% https://www.dailyfx.com/economic-calendar#2020-05-29
  • Heads Up:💶 Inflation Rate MoM Flash due at 09:00 GMT (15min) Previous: 0.3% https://www.dailyfx.com/economic-calendar#2020-05-29
  • Heads Up:💶 Inflation Rate YoY Flash due at 09:00 GMT (15min) Expected: 0.1% Previous: 0.3% https://www.dailyfx.com/economic-calendar#2020-05-29
  • Heads Up:💶 Core Inflation Rate YoY Flash due at 09:00 GMT (15min) Expected: 0.8% Previous: 0.9% https://www.dailyfx.com/economic-calendar#2020-05-29
  • Join @PaulRobinsonFX 's #webinar at 5:30 AM ET/9:30 AM GMT as he goes over London #FX & #CFD charts for the next week. Register here: https://t.co/CoMkMAi05d https://t.co/LF7Fz7s0pM
  • U.S. Market Analyst at https://t.co/JsVsSlWDSh, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEt7a6 https://t.co/UD51O3me1f
  • 🇵🇱 GDP Growth Rate YoY Final Actual: 2% Previous: 3.2% https://www.dailyfx.com/economic-calendar#2020-05-29
A GBP/NZD Set-up That's Happening as We Speak

A GBP/NZD Set-up That's Happening as We Speak

2013-12-03 16:55:00
Kaye Lee, Head Forex Trading Instructor
Share:

Talking Points:

  • Classic "Buy the Dip" Set-up
  • End of a 5-Wave Elliott Pattern for GBP/NZD
  • A Viable Entry Opportunity Happening Right Now

The AUDCHF trade we highlighted yesterday worked out very quickly, and now today, we’ll look for a similar result from a GBPNZD set-up, although this trade goes in the opposite direction as the AUDCHF one did.

The daily chart is very straightforward, as price is in an uptrend and is pulling back towards support for a possible bounce.

Guest Commentary: Pullback in GBP/NZD Uptrend

A_GBPNZD_Set-up_Thats_Happening_as_We_Speak_body_GuestCommentary_KayeLee_December3A_1.png, A GBP/NZD Set-up That's Happening as We Speak

On the four-hour chart below, we see a potential completion of an Elliott wave pattern. The five waves up are clearly marked, and the pullback has been two-legged, with the support zone marking potential end points for the c wave.

Guest Commentary: End of a 5-Wave Elliott Cycle for GBP/NZD

A_GBPNZD_Set-up_Thats_Happening_as_We_Speak_body_GuestCommentary_KayeLee_December3A_2.png, A GBP/NZD Set-up That's Happening as We Speak

In this case, a reasonable support area has been derived from previous resistance levels visible on the four-hour chart. Together, the final support zone is 1.9742-1.9866.

As traders will note, price has already begun to flirt with the support area and may be prepping for a move already.

The trigger would be a bullish pin bar, a bullish engulfing pattern, or a bullish reversal divergence on the hourly chart (see below). At the time of writing, the first bullish pin has already formed, as shown.

Guest Commentary: GBP/NZD Entry Opportunity Happening Now

A_GBPNZD_Set-up_Thats_Happening_as_We_Speak_body_GuestCommentary_KayeLee_December3A_3.png, A GBP/NZD Set-up That's Happening as We Speak

The first entry would have been near the 1.9905 level, and those who are able to hop on at this level on a price pullback can probably still get in on this move. If not, the other option would be to wait and see if price pulls back to the support zone for another swipe before heading upwards.

This is a trend trade, so the set-up should be traded at full (but controlled) risk. Those who are unable to get in on the first entry should take solace in the fact that many of these trades do give a second entry opportunity. Of course, what happens next is entirely in the market's hands.

By Kaye Lee, private fund trader and head trader consultant, StraightTalkTrading.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.