AidanMDang
Short

GBPNZD Reversed Off .382 Fib Retracement, Head and Shoulders

OANDA:GBPNZD   British Pound / New Zealand Dollar
Here we have an opportunity to sell GBPNZD after it reversed off the .382 fib retracement and formed a head and shoulders pattern, which has been confirmed with a bearish break of the neckline.

At the current moment, you should wait for a better opportunity for entry as price is sitting on both a horizontal support (highlighted in green) and a ascending support (highlighted in blue)

A better view of the blue ascending support level is shown here:

We MUST break these two key levels for price to continue its move downward.

Good Luck Traders!
Comment: My friend @KlejdiCuni has identified a strong take profit area around 1.9300:



Here the 200 EMA and .382 retracement of the bullish impulse leg converge at the 1.9300 level.

This level also has strong correlation with the 1.272 extension of the bearish impulse leg shown in the original chart.
Comment: A good entry point:

Trade closed: target reached
Thank you @KlejdiCuni For your analysis!
Reply
KlejdiCuni AidanMDang
@AidanMDang, You are welcome. Let's hope for us to make some money:)
+1 Reply
AidanMDang KlejdiCuni
@KlejdiCuni and I have Identified a confirmation level at 1.95000, If we have a break below and close below of the 1.95 level, we will consider the break to be confirmed and expect further movement down. This is a key level
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