Fxprotrader

GBPNZD@ Rally Is About To Be Over

FX:GBPNZD   British Pound / New Zealand Dollar
Looking at the higher timeframes we can clearly see that GBPNZD             since April is going up in a very sharp way. Price now tests a critical resistance zone which is easy to see in the monthly chart. In the daily chart we have a bearish divergence with RSI something that adds a lot to our thought about shorting this pair. In the lower timeframes (1h, 2h) we have a breakout of a medium term support level (blue trendline ) from a 5 wave move.

We now should wait for a pullback correction structure most likely a ABC three wave correction at about 0.5 - 0.618 retracement of the 5 wave leg. In that that zone we should watch for a bearish harmonic pattern or we can just sell at 0.618 fib level with stoploss just above the begining of wave 1.

Key Resistance Zone:
Bearish Divergence:

If price enters the "sell zone" i will come back with the setup. Have a nice trading week.

Like & Comment,

John
Thank you guys. Be patient and wait for the pullball. Good luck..!
Reply
Welcome & Thank you John. Your analyze is very simple and clear to understand. Ive been learning from you a lot.
Reply
fdtbeijing Gunjmaa79
thanks very much for your chart. i've tracking GBPNZD for months. your chart really enlightens me
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out