The GBP/NZD has reached a consolidation period on the D1 timeframe. With FOMC at 2pm today, we will see a spike to the up or downside, giving us a clear understanding of where the market is headed.
We can prepare for the news release by setting limit orders, or simply wait until the day is over to see where the candle body closes.
What Others Are Predicting
- Price is in a consolidation period.
- We received a long alert on the harmonic pattern scanner, which has a 97% win rate on the currency pair.
- The safest entry would be to wait until the release of FOMC, however you may miss out on a better entry.
Setting up a long and short limit order would help with this. Just above previous resistance of 2.01814 and below previous support of 1.99579.
We are currently in a short position with limit orders also set.
Our targets for the long position are 2.03178 – 2.05385.
Our targets for the short position are 1.98127 – 1.95079.
Cheers to another successful week!