Last night’s FOMC meeting minute did not have significant effect in the Forex market. Since it is the beginning of a new year, most of the pairs have been quiet. We get breaks, but the price does not move accordingly. That is why traders have been struggling to take entries. We get a break on GBPNZD. So far, this is the best pair to look for an entry on the hourly chart. Let us have a look at the chart and our trading plan for today on GBPNZD.
As we can see recent price action on GBPNZD has been choppy. However, the price has made a break out today at the level of 1.76160. If the price continues to come down for one or two more candles, then we will assume it as AB line of the ABC pattern. We should then wait for the price to come back at the level of 1.76160 and produces an hourly reversal candle to go short on the pair today.
Let us have a look at the summary of the trade
- Entry: Enter a limit sell order at 1.76160. We will wait for a pullback to near previous support (now resistance) before getting into this trade.
- Stop loss Level: 1.77040
- Take profit: 1.74680
We will have to just exert patience. Enter a limit sell order so that you don’t have to watch the market all day waiting for things to happen. Enter your order and go enjoy the day.
Comment below if you have questions on this trade and please let us know if you made money if this trade signal. Good luck!
You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.
We hope that you enjoy our Free Forex Trading Signal today: GBPNZD Free Forex Trading Signals – 5th Jan 2017
Tip of the day:
First week of a year is normally tricky. Thus, as a trader we have to be very patient and careful with our entries. We might consider using smaller lot than our usual lot this week. The market will soon come into its normal rhythm. Meanwhile, we should be patient. Any confusion, we might as well avoid taking entries. There is a saying “ if you are in doubt; leave it out”.
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