The GBPNZD’s peak in May 22-23 rally has just respected its 4H bearish FVG once more sweeping off March 7 lows.

As a result, my May 10 long trade has ended in another loss after holding for 18 days and 23 hours:

https://www.finlogix.com/analysis/20240510/gbpnzd-intraday-analysis-and-trading-plan-for-may-10-2024

A back-to-back loss record with a zero win.

There are no high impact data releases both in the UK and New Zealand this week.

Re-assessing GBPNZD’s high timeframe candles:

Yearly Candle: Last check is a Green Shaven Bottom now a Green Inverted Hammer

Monthly Candle: Previous close is a Red Body with a Slightly Longer Tail Wick current is a Red Spinning Top

Weekly Candle: Previous close is a Red Body with a Longer Head Wick current is a Red Spinning Top

Daily Candle: Previous close is a Red Shooting Star current is a Red Long Legged Doji

The 4H bearish FVG formed last May 3 are respected for the 3rd time in May.

Yesterday’s daily candle alone rejects the idea of stabilising around 2.07 level at least.

On the other hand, the good side is today’s candle looks ranging after March 7 lows were swept but the 4H bearish FVG mentioned looks helpful in potential lower prices soon.

I’m interested in GBPNZD’s order block formed in February 27-28 in case fresh selling comes in this mid week.

The 2.09-2.10 range proved to be a strong supply wall that invalidated my previous long trade plan.

Even if sellers have more control for now, I still like to open a bid position for the cross pair inside the OB’s 50% territory while putting the stop loss 100 pips below the entry and 200 pips take profit target.

February 21 lows at 2.0370 levels can be the targeted next if further sell-off rallies.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

GBPNZD Intraday Analysis and Trading Plan For June 5, 2024

Jun 05 2024

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