Hello,
Lets look at GBPNZD
Critical Zone 1.785 ~ 1.794
Short at 1.7794
SL 1.79 (110pips)
TP 1.74 (390pips)
Why?
In April 2017, 1.785 ~1.79 level was served as a resistance for 12 days before broken higher. It then acted as support for three consecutive days in June 2017 after 1.785 got broken.
After 1.79 level was broken in June, it became a strong resistance again. As we can see on the chart, 13 days in July, the CZ rejected GBPNZD to go higher. And 8 times in August, we saw GBPNZD failed to break above 1.785~1.79.
Now?
As we speak, GBPNZD is trading at 1.77985, 80pips from the CZ. As NZD is gaining momentum again and GBP is losing its charm, hopefully we will see the GBPNZD going down to 1.74 level (390pips) in the coming months
Happy trading, patience pays.!
Lets look at GBPNZD
Critical Zone 1.785 ~ 1.794
Short at 1.7794
SL 1.79 (110pips)
TP 1.74 (390pips)
Why?
In April 2017, 1.785 ~1.79 level was served as a resistance for 12 days before broken higher. It then acted as support for three consecutive days in June 2017 after 1.785 got broken.
After 1.79 level was broken in June, it became a strong resistance again. As we can see on the chart, 13 days in July, the CZ rejected GBPNZD to go higher. And 8 times in August, we saw GBPNZD failed to break above 1.785~1.79.
Now?
As we speak, GBPNZD is trading at 1.77985, 80pips from the CZ. As NZD is gaining momentum again and GBP is losing its charm, hopefully we will see the GBPNZD going down to 1.74 level (390pips) in the coming months
Happy trading, patience pays.!
Trade closed: stop reached