GBPNZD - Support becomes Resistance - week of 25/04/22
Take a look at 1.9340 and you see what I am saying. The area around this level has contained price over and over again. The recent attempts by the bulls to close above this level were unsuccessful. Price has been stalling in this region for the past 7 trading days and in my opinion, the bearish trend is ready to resume. I expect to see 1.8910 in the next week or two.
We could wait for a better entry because at current level, the stop is quite large. But I am happy to reduce my position size a bit and take a short at 1.9340 and see how it turns out. This is a potential 2.6R trade.
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We could wait for a better entry because at current level, the stop is quite large. But I am happy to reduce my position size a bit and take a short at 1.9340 and see how it turns out. This is a potential 2.6R trade.
If you like my analysis, please give it a “thumbs up” and follow me to get immediate notifications.
Always use sound money and risk management in all your trades.
Trade closed: stop reached:
Trade started decently, but reversed on Fri.