GBPNZD is breaking a 4 hour Head & Shoulders pattern. Measured move of the head to neckline reaches a target of 1.8330. Recommend you short strength in this pair.
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GBPNZD short is nearly 2/3rds of the way to the target area and is running into round number and Fib resistance. The pair bounced this morning near 1.8400 and is pulling back to the long term 23.6% Fib level. If you decide to stay in this trade, (right now there isn't a printing of a higher low / higher high) there is event risk on the calendar; NZD data at 1845 Eastern Time (U.S.)
Comments
jojofang0901
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Hi nice trade setup, I have similar view as well. Thanks for sharing your idea.
Thanks! Even if this pair reverses to test the neckline, It should act as resistance. Once the 1.8550 level is broken, there should be a lot more downside. Happy trading!