Extremely heavy! Target not yet reached
This pair has been quite heavy since it broke the wedge at ~1.95. There's a chance that the PMI's data coming out this week could be the signal for at least a little bit of a pound rebound. Though i'm not suggesting that'll buy the GBPNZD if that happens, waiting for a chance to sell is what i'm really waiting for. Here's why:
- It broke down a big wedge (with failed retest) and it has accelerated the down move since then.
- The target for the broken wedge is not there yet, it points out to the 1.855 area.
- Wedge target coincides with the 2.618 fib level.
There's a chance that it'll rebound from here and if i get a clear signal tomorrow (i'll post it if i do) i, i'll go for a small counter trend move. Here's why:
- Daily RSI already showed support here before.
- There's some divergence on the 4hr chart.
- 1.618 fib level support.
It could also go for a third drive and only rebound at the 0.236 of the bigger picture and then rebound. That's not very likely since it's already diverging on the 4hr.
No position yet.
Cheers
- It broke down a big wedge (with failed retest) and it has accelerated the down move since then.
- The target for the broken wedge is not there yet, it points out to the 1.855 area.
- Wedge target coincides with the 2.618 fib level.
There's a chance that it'll rebound from here and if i get a clear signal tomorrow (i'll post it if i do) i, i'll go for a small counter trend move. Here's why:
- Daily RSI already showed support here before.
- There's some divergence on the 4hr chart.
- 1.618 fib level support.
It could also go for a third drive and only rebound at the 0.236 of the bigger picture and then rebound. That's not very likely since it's already diverging on the 4hr.
No position yet.
Cheers
Trade closed: target reached