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Forex Trade Idea: GBPNZD – Bullish Corrective Structure, Potential Breakout Setup | Nov 19
Chris Capre’s current live open price action & ichimoku trades: GBPUSD, SUI20, CORN, USDMXN, CHRW
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GBPNZD – Corrective Structure After Bullish Impulsive Move, Potential Breakout Setup (4hour chart)
Price Action Context
Skyrocketing in early October about 1300+ pips, the GBPNZD forex pair has formed a corrective structure after the impulsive move, and done so near the top of the impulsive leg. This suggests bears are not taking over while the bulls are still maintaining control short term.
I’m looking for a break of the corrective structure for my next directional cue and a potential breakout setup.
ST & MT bullish while above 1.9960 on a weekly closing basis. Bulls can watch the bottom of the corrective structure for potential trade setups.
Key Support & Resistance Levels
R: 2.0275, 2.0520
S: 2.0050, 2.00
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