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GBPNZD Breakout Trade Idea – Inside Day on Critical

gbpnzd inside da

Friday’s trading session had pretty low volatility across the board, especially quiet for the GBPNZD cross pair. The daily chart stalled and churned about a critical level for this well established up trend.

The daily candle closed as an inside day which we could use to capture breakouts.

Price is sitting on a bullish ‘hot spot’, where a lot of technical factors come together to support the trade idea. In this case we have the old resistance acting as new support, the mean value also supporting the market, a stable bullish up trend, and the inside day which offers the frame work to build breakout orders off.

This is a NZD pair, a currency that can become very active during the Asia  session, so we may see early breakouts. Just be careful of any Asia breakout traps that could lead to a sharp reversal in the London session. Ultimately, we’re looking for bullish breakouts and trend continuation here.

Dale Woods

Dale Woods

The Forex Guy is an educational Forex trading blog run by Dale Woods who has been a passionate retail Forex trader for over 6 years. Dale trades the Forex market exclusively with price action based methodologies, believing price action trading to be one of the powerful approaches used the market today, and really is the core foundation of any good trading system. Dale also strongly believes in keeping charts clean and keeping things simple, logical and uncomplicated. By making trading decisions straight off the raw price action data, you can ‘bypass’ unnecessary variables like exotic indicators, trading robots or magical pivot levels. Dale enforces the idea that there is hardly any edge trading news and economic data releases and much prefers to make trading decisions straight from the candlestick themselves. ‘The Forex Guy’ is dedicated to providing knowledge to serious and passionate traders who want to learn the art of price action trading, positive geared money management and how to psychologically condition themselves to become a professional trader.