GBPNZD: How to Trade

The price dropped below SMA200. It gave us a bearish signal and a possible selling opportunity. The local swing low and a breakout below it can be used for opening short trades. Stop orders must be placed above the local swing high and SMA200. Profit targets should be placed at round numbers and 1.94000 support. MACD lines and DMI support the further downside movement.

If the price can move above SMA200 and we have a solid bullish candle, it will give a buying opportunity. Stop orders must be placed below the local swing low. Profit targets should be placed at 2.02000 and 2.04000 levels.

Risk for any trade must be no more than 1-2% from the capital. Search for better entry points using the hourly timeframes.



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Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.