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:
snapshot

Bearish Divergence:
snapshot


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

Like & Comment,

John
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
Thank you guys. Be patient and wait for the pullball. Good luck..!
Reply
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