Pound vs Gold and NZD: Time at mode analysis and ratio charts
Analysis on chart.
We can see that there is potential pending upside in this ratio, as evidenced by Rgmov's intense uptrend signal and the EW count I could obtain for this leg, which shows an impulse top, but not a complete 5 wave advance.
I think this chart helps us devise the directional path for gold, nzdusd and gbpusd, as well as gbpnzd.
We might have a good opportunity to short the pound and go long gold but we will have to wait, since I think the decline we're seeing in the ratio is temporal, and will be followed by more upside.
As for gold, there's an incredibly bullish mood among most investors, and specially technical traders, who are calling bottoms everywhere, which makes me doubt that's the real case here.
A trader here posted a gold EW count which I subscribe with, AndyM, do check his stuff out, it's in related ideas.
I'll be exploiting the temporal gold strength to fade the NZD vs stronger currencies soon, and waiting for a clear sign of reversal before attempting long NZD or AUD strategies.
Cheers,
Ivan.
We can see that there is potential pending upside in this ratio, as evidenced by Rgmov's intense uptrend signal and the EW count I could obtain for this leg, which shows an impulse top, but not a complete 5 wave advance.
I think this chart helps us devise the directional path for gold, nzdusd and gbpusd, as well as gbpnzd.
We might have a good opportunity to short the pound and go long gold but we will have to wait, since I think the decline we're seeing in the ratio is temporal, and will be followed by more upside.
As for gold, there's an incredibly bullish mood among most investors, and specially technical traders, who are calling bottoms everywhere, which makes me doubt that's the real case here.
A trader here posted a gold EW count which I subscribe with, AndyM, do check his stuff out, it's in related ideas.
I'll be exploiting the temporal gold strength to fade the NZD vs stronger currencies soon, and waiting for a clear sign of reversal before attempting long NZD or AUD strategies.
Cheers,
Ivan.
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