GBPNZD Bounce Back or Keep Dropping?
DISCLAIMER: Hi everyone, I'm new to trading and this is just a log book for me on applying everything that I have learned and continue to learn as I go along. That being said, I do not advise you to base your trading on these "ideas".
I've been looking at the British Pound/New Zealand Dollar pair for a while trying to think of where it might go. It's been on a down trend for quite a while now. Now the price actually dropped to a new low on November 8th since 2009, with the whole Brexit of it all. Now, seeing as how thats a new low, will it bounce back on the long run or keep heading south?
On one hand since the 8th of this month, when it hit that new low it seemed like it would bounce back. But the price didn't go too high, it hit a previous resistance (blue line) from September 28th. But on the other hand, the pair set up a support level as well (orange line).
Looks like I'm gonna have to show a little patience. If it doesn't break that resistance, if it breaks support, and my indicators are strong on the new trend, I'm gonna look for a short. As far as looking to see if it will be a buy that might take a lot more time and patience for something that might not come.
I've been looking at the British Pound/New Zealand Dollar pair for a while trying to think of where it might go. It's been on a down trend for quite a while now. Now the price actually dropped to a new low on November 8th since 2009, with the whole Brexit of it all. Now, seeing as how thats a new low, will it bounce back on the long run or keep heading south?
On one hand since the 8th of this month, when it hit that new low it seemed like it would bounce back. But the price didn't go too high, it hit a previous resistance (blue line) from September 28th. But on the other hand, the pair set up a support level as well (orange line).
Looks like I'm gonna have to show a little patience. If it doesn't break that resistance, if it breaks support, and my indicators are strong on the new trend, I'm gonna look for a short. As far as looking to see if it will be a buy that might take a lot more time and patience for something that might not come.