GBP Emerges As Strong : NZD Weakness In Focus
Tues 24th October 2023 : Daily Forex Strength Analysis
Today we’re looking at Trading Setups in:
- GBPNZD (Primary Focus Pair)
- EURNZD (Covered In Video)
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Our Interest (pending order)/Open Interest (live position)
| GBPNZD (Long) | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Alert Set | |||
| Entry Price | Buy Stop Order 2.0937 | ||
| Stop Loss (Min) | 2.0867 | -70 Pips | |
| Stop Loss (Max) | |||
| Profit 1 | 2.1100 | +163 Pips | 1 : 2.3 |
| Profit 2 |
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GBP has appeared on our live forex strength vs weakness tables as a strong currency.
NZD continues to be weak featuring as W1 on both tables
GBPNZD recently found key support on the D1 chart at 2.0325.
Since then GBPNZD has been bullish with several daily candlesticks making higher highs and higher lows.
Price on the H1 chart shows price in an upward trend, above the H1 50 moving average.
When price is above the H1 50 moving average, price tends to remain bullish.
Hourly price action shows GBPNZD price forming pin candles, this means we could look for long.
If price breaches these H1 candle highs, we could expect bullish momentum to continue.
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Primary Focus Pair Chart:
Technical Observations:
- NZD is W1 and GBP is S2 on the day traders table.
- Daily chart is bullish with consecutive candle higher highs and lows.
- H1 chart shows the price forming a rejection of support.
- Price is above the H1 50 moving average which can show bullish momentum.
09:00 GMT/BST Forex Strength Vs Weakness Tables:
