Evening Traders,
Today’s analysis – GBPNZD- trading towards a key support area where a bounce is probable,
Points to consider,
- Price Action Corrective
- .618 Fibonacci Support
- Bullish OB Support
- Low Volume
GBPNZD’s immediate price action is trading towards a key trade location that is in technical confluence with the .618 Fibonacci and the Bullish OB, allowing for a bullish bias.
The immediate objective is the bearish OB resistance, a rejection here is probable.
The current volume profile is below average, an influx is highly imminent on the next expansion.
Overall, in my opinion, GBPNZD is a valid long with defined risk; price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
“Trading effectively is about assessing probabilities, not certainties.”
― Yvan Byeajee
Today’s analysis – GBPNZD- trading towards a key support area where a bounce is probable,
Points to consider,
- Price Action Corrective
- .618 Fibonacci Support
- Bullish OB Support
- Low Volume
GBPNZD’s immediate price action is trading towards a key trade location that is in technical confluence with the .618 Fibonacci and the Bullish OB, allowing for a bullish bias.
The immediate objective is the bearish OB resistance, a rejection here is probable.
The current volume profile is below average, an influx is highly imminent on the next expansion.
Overall, in my opinion, GBPNZD is a valid long with defined risk; price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
“Trading effectively is about assessing probabilities, not certainties.”
― Yvan Byeajee