GoldenEngine, a leading provider of forex trading signals and analysis, has recently recommended buying GBPCAD with a target range of 200 pips on the 4-hour chart for forex traders. This recommendation is based on a thorough analysis of the market trends and technical indicators, which suggest that the GBPCAD pair is likely to experience a bullish trend in the near future.
The GBPCAD pair represents the exchange rate between the British pound and the Canadian dollar. This pair is popular among forex traders due to its high liquidity and volatility, which provide ample opportunities for profit-making. However, trading this pair requires a deep understanding of the market dynamics and technical analysis, which is where GoldenEngine’s expertise comes in.
According to GoldenEngine’s analysis, the GBPCAD pair has been trading in a range-bound pattern for the past few weeks, with support at 1.7100 and resistance at 1.7400. However, recent price action suggests that the pair is likely to break out of this range and move towards the upside. This is supported by the bullish divergence on the MACD indicator, which indicates that the momentum is shifting towards the bulls.
Furthermore, GoldenEngine’s analysis also suggests that the GBPCAD pair is likely to benefit from the weakness in the Canadian dollar, which has been under pressure due to the recent decline in oil prices and concerns over the global economic outlook. On the other hand, the British pound has been relatively stable, supported by the positive economic data and progress in Brexit negotiations.
Based on these factors, GoldenEngine recommends buying GBPCAD with a target range of 200 pips on the 4-hour chart. This means that traders should aim to take profit at around 1.7600, which is above the current resistance level. However, traders should also set a stop loss at around 1.7100 to limit their potential losses in case the trade goes against them.
In conclusion, GoldenEngine’s recommendation to buy GBPCAD with a target range of 200 pips on the 4-hour chart is based on a thorough analysis of the market trends and technical indicators. Traders who follow this recommendation should be able to benefit from the potential upside in the GBPCAD pair, while also managing their risks effectively. As always, traders should also conduct their own research and analysis before making any trading decisions.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Minting the Future w Adryenn Ashley. Access Here.
- Buy and Sell Shares in PRE-IPO Companies with PREIPO®. Access Here.
- PlatoAiStream. Web3 Data Intelligence. Knowledge Amplified. Access Here.
- Source: Plato Data Intelligence.
New Zealand’s Central Bank Ceases Efforts in Trading PEPPERSTONE:NZDUSD, According to Samuel_Morton_lovethepips
The Reserve Bank of New Zealand (RBNZ) has recently announced that it will no longer be trading the NZD/USD currency pair on the foreign exchange market. This decision was made in an effort to reduce the risk of market manipulation and to ensure that the central bank is not seen as a participant in speculative trading.
The RBNZ has been actively trading the NZD/USD currency pair since 2007, when it began using foreign exchange reserves to manage the value of the New Zealand dollar. However, in recent years, concerns have been raised about the potential for central banks to manipulate currency markets through their trading activities.
In a statement released by the RBNZ, Governor Adrian Orr explained that the decision to cease trading the NZD/USD currency pair was made after a review of the bank’s foreign exchange operations. “We have concluded that it is not necessary for us to be active in the NZD/USD market in order to achieve our monetary policy objectives,” he said.
The move has been welcomed by some analysts, who believe that it will help to reduce the risk of market manipulation and improve transparency in the foreign exchange market. However, others have expressed concern that the RBNZ’s decision could have unintended consequences, such as reducing liquidity in the NZD/USD market and making it more difficult for traders to hedge their currency risk.
Samuel Morton, a well-known forex trader and founder of Lovethepips, has commented on the RBNZ’s decision, stating that it is a “positive step towards greater transparency and accountability in the foreign exchange market.” He also noted that the move could have implications for other central banks around the world, who may be considering similar measures to reduce their exposure to currency market volatility.
Overall, the RBNZ’s decision to cease trading the NZD/USD currency pair is a significant development in the world of forex trading. While it remains to be seen how this decision will impact the market in the long term, it is clear that the RBNZ is taking steps to ensure that it is not seen as a participant in speculative trading and that it is committed to promoting transparency and accountability in the foreign exchange market.