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Waiting to buy GBPNZD after retracement into support

gbpnzd waiting to buy

Today I wanted to draw your attention to the GBPNZD cross pair, which has sparked up much conversation in our Forex War Room chat. The market is started to recover from a lengthy downtrend, the bearish momentum recently died off and caused the market to consolidate for a few weeks.

A resistance level which was containing price was breached last week as the market exploded into higher prices. This has given us a bearish bias on this market now and we’re now looking for opportunities to get in long. Specifically, we are looking for a bearish correction to occur and weaken prices into an old resistance level. It’s critical this level act as support if this market has any chance of developing in an uptrend.

Strong buying activity at this key level will confirm it is holding as support, and the market is gearing up for further upward movement. We will take no action unless a bullish price action signal forms, which will be the ‘trigger’ to go long.

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.