This pair and its highly correlated cousins (GBPAUD, EURNZD, GBPNZD) were very profitable towards the end of last year, since then they have been pulling back but the bullish sequence remains intact on the 4 hour and daily time frames.
The target area was not reached in any of the pairs suggesting either one more push or they truncated and the move is over. It was these pairs that made me think EURCAD was a lower probability trade because all three commodity currencies often move at the same time.
At the moment this pair appears the best of the options but that may change if the GBP starts to recover a little, the super volatile GBPNZD has moved a long way from its peak and if the GBP shows strength it might be a better bet. Followers need to choose one of the trades, dont trade them all!!!!
The target area was not reached in any of the pairs suggesting either one more push or they truncated and the move is over. It was these pairs that made me think EURCAD was a lower probability trade because all three commodity currencies often move at the same time.
At the moment this pair appears the best of the options but that may change if the GBP starts to recover a little, the super volatile GBPNZD has moved a long way from its peak and if the GBP shows strength it might be a better bet. Followers need to choose one of the trades, dont trade them all!!!!