Master_Ken

GBPNZD HEAD AND SHOULDERS

Long
FX:GBPNZD   British Pound / New Zealand Dollar
It may be better to open the trading after the formation is complete.

Comments

Nice identification of a head and shoulders pattern on GBPNZD and there may be bullish bias as you have identified. The support that we have identified is at 1.9593. It is a horizontal swing low support with 100% Fibonacci extension and 61.8% Fibonacci retracement. Stochastic is approaching its support at 3.7% and there may be bullish divergence with price, where a corresponding bounce could occur. If a corresponding bounce does occur, we may want to look at the 1.9881 resistance level, which is just below your take profit level. It is a horizontal swing high resistance with a 38.2% Fibonacci retracement. Looking forward to seeing how things develop.

Please have a look at our idea and share with us what you think.


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