Dear Daily Price Action Setup Traders
Last week was marked by mixed results. The trade I got on Friday is starting to show some positive returns. It looks like the price is trying to push towards the 1.1650 barrier, so for me there is no reason to cut your position yet. It is important to see how it would react with this level and then decide whether to hold the position not.
Another currency pair has been range-trading for some time already. Now, it is showing some readiness for a bullish continuation. GBP/NZD is this pair and what I am seeing is more bullish momentum. The past few trading sessions have been marked by hesitance and quite a few bullish rejections around the 2.0000-2.0100 levels. The major trend is bullish and we are experiencing such bearish rejections above a support level. This might mean only one thing and it is that the price is waiting for a catalyst to continue its bullish trend. On top of that, the candle from Friday is a pin bar, which adds more weight on the bullish scales.
All traders looking to enter in a long trade here should bear in mind that the stop of this trade should be placed under the closest swing low. In this case, this is the level of 1.9995– marked by the candle from the 12/11/2014. The profit target for a long trade is as follows: First target is the level of 2.0425; the second target- 2.0600. A good entry point would be 2.0125.