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ShaneHuynh
Sep 1, 2018 8:23 PM

GBPNZD Bearish Butterfly Harmonic Detected Short

British Pound/New Zealand DollarFXCM

Description

On the GBPNZD daily chart, I've detected an almost-perfect bearish butterfly harmonic pattern. With the current momentum, price could move up to the sell limit before turning around. The impulsive move last 2 days has been enormous (~400 pips) and is due for a correction. Price could simply return to its median around 1.93000 level and TP 1 and 2 are plausible.

***NOTE: Sell limit should be at 1.96476, not 1.96993. My bad.
SL should be above the upper resistance level
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