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Good Morning Traders,
With the close of April 6, Lift-Off confirms a LONG trading signal on GBPNZD.
The forex radar shows us considerable strength in the British pound and strong weakness in the New Zealand dollar, despite the fact that the overnight interest rate is higher in New Zealand (5.25%) than in the pound (4.25%).
The weakness i NZD could be found in its macro economic data and the non-commercials' positions on the COT from a few weeks ago turned from positive to negative.
The price yesterday closed with a high volatility candle on the highs, near the upper volatility deviation and close to resistance, so we could also expect a retracement to the Lift-Off band before the eventual restart
Below chart of GBPNZD-with the signal detected by Lift-Off
Signal board of April 07, 2023
LONG - GBPNZD
Input price: 1.9888 (current market price and valid any price that is not too far away)
Please note that the chosen signal has been identified from those detected by the Lift-Off indicator, which you can view in the "Signals" section of our website. However, we will NOT provide any guidance on how to handle the trade.
We recommend that you handle the trades as shown during our professional courses on using the platform, available at the following link: https://it.largetrader.com/eventi