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Trade Setup: GBPNZD Making a Double Bottom

Interval: Daily

trade-setup-gbpnzd-making-double-bottom-20.03.2013
The GBPNZD currency pair has formed a reversal pattern above the 1.800 level which could mean that the pound is trying to hit higher levels, achieved in the past. This fact is also confirmed by the fundamental analysis. Thus, BOE’s officials declared that from now on, they will take the matter inflation seriously together with the fact that NZD currency may be 15% over evaluated. The target for this setup is placed near the 50% retrace of the downward trend and the stop loss level is set under the local lows.

Confirmation level: 1.8457

Take Profit: 1.8882

Stop Loss: 1.8232

Trade Setup: GBPNZD Making a Double Bottom by
6 comments
Ordo Ab Chao
Ordo Ab Chao like.author.displayName 1 Like

Yes it did. The 618 retracement held strong however!! Nice rally to the bull side!!

Ordo Ab Chao
Ordo Ab Chao like.author.displayName 1 Like

That would be great. It dive bombed earlier, seems there's quite some in the selling department. Time should take care of that though.

Ordo Ab Chao
Ordo Ab Chao like.author.displayName 1 Like

I have the exact same levels as you, to the pip. I'm currently long right along with ya :)

investazor
investazor moderator

@Ordo Ab Chao This might be a good setup then. It wasn't triggered mine yet, it needed one more pip, still the pound is giving better signals from the economy. We will post a GBPUSD analysis later today with a fundamental view included.