Today, We’re Not Going To Lose Any Money !
(knowing when NOT to trade – and why – is half the battle won)
Thurs 1st June 2023 : Daily Forex Price Action
Today we’re looking at Trading Setups in:
- GBPNZD (Primary Focus Pair)
- NZDCAD (Covered In Video)
- NZDUSD (Covered In Video)
Primary Focus Pair: Trade Plan & Details
| No Trade Call Today | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Entry Price | |||
| Stop Loss (Min) | |||
| Stop Loss (Max) | |||
| Profit 1 | |||
| Profit 2 |
Details:
GBP has ascended its way to top our live forex strength vs weakness tables.
NZD holds onto its top spot as the weakest currency but will this last?
Today we take a deep dive into GBPNZD and analyse whether it is still a forex pair we wish to buy or whether it’s time to wait.
GBPNZD has been bullish for 8 consecutive days moving 970+ pips higher since making its appearance on our tables Wednesday 24th May.
Price has traded through several major key resistance levels, including the February 2022 highs at 2.0500.
This is important as it shows how aggressive buyers have been in this market, and if it were to continue, price could head to another resistance level of 2.0950.
However, is it a good time to buy this forex pair?
Looking at the chart, we think not.
In fact, we think it would be best to wait for a better opportunity to form.
If we were to take action today on a long opportunity our stop losses would be in a vulnerable place, if price were to pull back.
So, instead we should wait for a pull back to occur first before taking on a position here.
If price does make its way back to previous highs and support of 2.0500, then we can look for buyers to step in and look for a long entry.
It’s ok to potentially miss out on a move, if our intentions are to trade in a safer manner.
