GBPNZD - Bearish continuation after 50% retracement

The GBPNZD 50% retracement from the last major move appears to be holding. Indicators are suggesting oversold values and weakening bullish pressure. The red rectangle is the projection based on the 50% retracement.

A pending sell order has been place a few pips below today's low at 1.748. SL is safely above the highs of this retracement.

GBPNZD likes to make big moves so be ready for a roller coaster ride.

Comment:

GBPNZD came very close to triggering the sell order by missed and made a small move higher. The setup is still valid but the trade will not take place until next week.

Comment:

Still waiting

Comment:

Still waiting . . .

Trade active:

Price finally triggered the entry about a month later than anticipated. Nevertheless, it finally happened and is curently up a couple hundred pips.

SL adjustment: 1.7530

Comment:

SL adjustment: 1.747

Trade closed: stop reached