GBPNZD-Flag pattern paves the way for a SHORT
Obviously the chart has formed a flag pattern as a correction for the downtrend rally. We could expect it to continue till the 61.8 Fib level and then reverse back and go on with the main downtrend.
Although the target for flag pattern is around 1.91 there is a strong support area is on the way there. So the best TP we can get is 1.9350.
One may close half or more of the trade on TP and make it free risk, then trail the remaining.
Although the target for flag pattern is around 1.91 there is a strong support area is on the way there. So the best TP we can get is 1.9350.
One may close half or more of the trade on TP and make it free risk, then trail the remaining.
Trade closed manually:
The analysis has been negated!