Good morning! I wanted too share some insight into the way I think about the markets, and one of the key trading levels posted in the BNFX: Live members area is a good example.
So I posted the level shown in the image... a short level on the GBPNZD. Now its important to say that the only chart I even went to this morning was the GBPNZD.
So the GBP is under pressure right now - this is because of the lack of Brexit negotiation - the markets are looking at this pretty bearishly, and we don't expect to see any change until after events scheduled for Wednesday. So there's one side of the coin. Also from a fundamental viewpoint we are pretty neutral so I don't expect to see too much pull against the intraday.
In terms of the NZD well again, we know that the RBNZ is fairly neutral with rates on hold and on the shorter term, the NZD has seen some strength which was supported by some better than expected food price index data last week.
So for now, that's why I bearish on the GBPNZD pair - its always nice to chose a pair based on solid analysis, and then get that confirmation when you log in to see a chart that confirms your bias.. of course this is no guarantee that the trade will 1) trigger and 2) go to profit... but thats the name of the game, We just have to invest in the most likely pairs!
Have a good week all, and if you haven't already, be sure to check out my Live Trading Room/Signals hybrid - BNFX: LIVE