In some recent commentary on the GBPNZD we discussed the possibilities of a bullish price action signal forming as the market retested an old resistance level and held a new support. When the market tested the level last week, it prompted strong buying activity and prices exploded higher. The daily candle’s close price was much higher than the open price, a very strong feature for this bullish signal. GBPNZD is recovering from a large bearish trend that drove prices lower in the last few months. The bears eventually burning out, the momentum died, and the market consolidated. Now the chart has broken into new highs and created a higher low, communicating the signs of a new bullish trend forming. If we can strategically position in long here, then our chances for a high return trade are greatly increased as we ‘buy at the bottom’. Because the candle range is so large, I am hoping to take advantage of any retracement next week to utilize a better entry price for a long position. 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. View All Post By Dale Woods Forex News Today: Daily Trading News share Read Next USD/JPY Forecast Apr. 28 – May 2 Yohay Elam 8 years In some recent commentary on the GBPNZD we discussed the possibilities of a bullish price action signal forming as the market retested an old resistance level and held a new support. When the market tested the level last week, it prompted strong buying activity and prices exploded higher. The daily candle's close price was much higher than the open price, a very strong feature for this bullish signal. GBPNZD is recovering from a large bearish trend that drove prices lower in the last few months. The bears eventually burning out, the momentum died, and the market consolidated. Now the chart… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
