Attractive GBP/NZD Short Brewing...

Last updated 3/18/2010 3:40 PM EST (GMT -5) 0 Comments - Add your comment
Tags:

FX360 Technical Analyst Staff

Technical Analyst, GFT

last
change
volume
Last Updated: 10 min ago

We have an attractive GBP/NZD selling opportunity should prices rally to 2.1912 this week based on an emerging 4hr bearish Gartley patterns projected to complete at the following Fibonacci/pattern convergence...

  • 61.8% of X1-A
  • 100% Of X2-A
  • 161.8% of BC
  • AB=CD

    • The key will be for prices to rally to our projected entry of 2.1912 (just below pattern completion near point D) without first moving below point C (212.93), which negates pattern structure and invalidates this particular setup. Additionally, any gaps and/or wide-ranging candles (2-3x's average) prior to the projected entry may invalidate this particular entry as they are signs that a continuation move may be in progress. If triggered,  stops will be moved to break-even (B/E) at 2.1825 with a target of 2.1418. 

    Potential strategy:  Sell if prices rally to 2.1912 with stop-loss at 2.2050 targeting 2.1418. Stops will be moved to break-even at 2.1825.

    Comments (0)

    Add Your Comment

    Please login to post a comment or sign up for an FX360® account.

    TRADE IDEAS

    • Trades to Watch
    • Trades in Progress
    currency trade idea
    GBP/USD
    Medium term



    		 Sell Sell at 1.5904
    Stop at 1.5924
    Target at 1.5874
    currency trade idea
    CAD/JPY
    Long term
    Opened 2/10/2012
    		 Buy Long from 77.6500
    Stop at 76.65
    Target at 78.9
    GBP/CHF
    Medium term
    Opened 2/8/2012
    		 Sell Short from 1.4470
    Stop at 1.4602
    Target at 1.4352
    AUD/CAD
    Medium term
    Opened 2/6/2012
    		 Buy Long from 1.0740
    Stop at 1.0655
    Target at 1.085
    These are hypothetical trades and should not be relied upon as a substitute for independent research.

    LATEST BUSINESS NEWS

    MARKET NEWS ALERTS

    Receive daily commentary, technical analysis reports and potential strategies from Kathy Lien, Boris Schlossberg, David Morrision and their team of technical analysts.
    • Your first name:
    • Your last name:
    Your email address:




    Already getting alerts but don't have a FX360 account? Manage your subscriptions by creating an account now.

    Already have an account? Manage your subscription here.

    CENTRAL BANK RATES