Question:
Will the Gpb nzd pair move up to test the 2.40 area before the 2.35? It seems like it is still in a strong uptrend.
Thoughts?
I hope so, I have my tp set at 2.39950
Lol.
Mine is at 2.390
By the way, anyone notice it crept up 100 pips in the last hour?
Hey eddieb, is there a sharp fall coming?. 2.3734 ish?. Excuse me if not. I don’t use any indicators only price action and S/R and if I saw this setup on my usual pair I’d be looking to short.
All the best, Shyfx
I think it will either go down from 2.375 or wait for the 2.39 and short
Hello traders, tonight is the night: NZD employment/unemployment data will come out (10.45 GMT; 5.45 ET). Employment is expected to dip lower, and unemployment higher…There is also some UK data, but with the BoE inflation report later this week, there may be little GBP action until then (the PMI data yesterday morning had little impact on GBP).
Good luck, and be patient 
Back on course after 200 pip climb since this afternoon
Yes, after a lot of creepy behaviour (!) around 2.37, it finally shot past it and, in the last three hours,
continued in its once-customary ‘rocket style’ and blasted(!) through 2.38…
I think it is trying to front-run disappointing New Zealand employment data (tonight, 11.45pm for UK
traders)…
Caution is advised, as always… a volatile pair… and that 2.40 level is still a big obstacle…
Good luck, eddie and Shyfx.,
[QUOTE=“eddieb;714708”] Back on course after 200 pip climb since this afternoon[/QUOTE]
Good stuff!.
I read your post at 11pm ish last night and had visions of it taking everyone’s trailing stops out after what seems like a mega climb. Glad it’s back on track for you.
All the best,
Shyfx
Just took out my stop at 2.38100.
Nice profit.
Now I’ll wait for the next sizable drop for a re entry point, difficult now as the spread is widening
[QUOTE=“PipMeHappy;714710”] Yes, after a lot of creepy behaviour (!) around 2.37, it finally shot past it and, in the last three hours, continued in its once-customary ‘rocket style’ and blasted(!) through 2.38… I think it is trying to front-run disappointing New Zealand employment data (tonight, 11.45pm for UK traders)… Caution is advised, as always… a volatile pair… and that 2.40 level is still a big obstacle… Good luck, eddie and Shyfx.,[/QUOTE]
Thanks pipmehappy,
I’m not in though, I mainly scalp and at the most hold a position for a few hours. I don’t have the patience to do what you boys do!!. I’m not that good!.
Good luck
Shy.
[B]Hello traders! Did you make any sweet pips?
I did not… I stayed up to watch the charts on the release of the New Zealand (un)employment data, which
did very little for Kiwi pairs… Take the GBP/NZD, for example (see my hourly screenshot): it shot up
on the hour (11pm - 12am (GMT+1)) past the 2.38 level, only to retreat underneath it, and spending the
rest of the Asian session loitering around it…I am watching the chart now, at the London open, and there
does not seem to be much going on, but the day is yet young!
What are your thoughts on the pair?[/B]
I think its approaching a drop now
Interesting. What do you base this on?
Personally, it seems to be struggling to pass 2.3800 with conviction. However, even given the huge rise in recent months, it is still well short of pre-crash levels and if the UK raise interest rates that would add upward momentum
I agree with you, Eddie!
I think that this beast is not done with its bullish ways, not yet… If the rhetoric from the BoE tomorrow
(MOPC minutes; inflation report) shows a hawkish shift in the vote, then, backed by the small but consistent
growth in the real economy, the UK currency could mount further gains against its counterpart, especially
in pairs like GBP/EUR and GBP/NZD, where the monetary policy outlook is much more clearly in favour of
the Pound, compared to pairs like the GBP/USD, where two central banks have a similar hawkish outlook
and there is too much balance between the two sides to generate bullish momentum in favour of one or the
other.
So, yes, I think that this pair has all the potential to break above 2.38 and beyond, although the probability
of that happening today may be small, so I would look for tomorrow as the BoE minutes and MOPC vote
come out for public scrutiny.
Happy trading!
Breaking up, past 2.39?!?
I have a buy order just past the top of the 20 day high. lets see what happens. on another GBP pair the GBPCAD has been nicely for me.
[QUOTE=“eddieb;714833”] Interesting. What do you base this on? Personally, it seems to be struggling to pass 2.3800 with conviction. However, even given the huge rise in recent months, it is still well short of pre-crash levels and if the UK raise interest rates that would add upward momentum[/QUOTE]
I agree with eddieb,
The h4 is showing a lowly scalper like me that I could make a few pips as price will lower slightly on the next 4-8 hours but the momentum of the last few months far outweighs this little price signal.
I just wish I’d got onboard in April!!.
To everyone who’s long for the 2.4++ level I hope it turns out!!. I feel excited for you. Good luck,
Shy
[B]In just over an hour,
the Bank of England will be giving us their:
- QE update;
- rate decision update;
- inflation report udpate.
Emerald and the Traders’ Club have been watching the Cable (GBP/USD) closely, and I am sure that
they will do well with it to the upside, but I prefer the GBP/EUR to the upside (as there is a clearer
difference in monetary policy leaning between BoE and ECB, than between BoE and the Fed) and
the GBP/NZD also to the upside (as, again, the BoE is more hawkish than the RBNZ in terms of
future monetary direction moves)…
So, with GBP/NZD bashing its head again on that 2.40 level yesterday, we could be looking,
today, at a great opportunity for an historic breakthrough, which would open the door to
a huge retracement of former highs… However, we will have to let the markets make their
move based on what they read into the BoE rhetoric and its MOPC vote, before we can be
sure that a bullish move from the Pound across the board is not a false one…
There will be a lot of volatility around, so be conservative and do not jump in!
Time for another coffee…
The countdown begins.
Good luck and…
Happy Trading!
[/B]