See daily chart of GBPNZD below for the discussion that follows.
This past Friday GBPNZD tested a support area which was rejected in the form a hammer-like candle.
Should we bounce from here, I can see a couple of areas close by (not shown on chart) where price can encounter some resistance. For this reason I will be looking to get an entry lower for a better reward to risk. I’ll also be quick to raise my stop if we get a bounce.
GBPAUD looks very similar.
Remember, always have your own trading plan and never follow other people blindly. Always know where you will be proven wrong on any trade and have stops in place. Stick to your stops and never bet the farm.
On Ideas: Please don’t take this as trading advise. Please do your own due diligence before entering any trade. Also see Disclaimers.
Thanks for reading.