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linofx1
Apr 10, 2024 10:19 AM
GBPNZD: Bearish Move May Continue
Short
FX:GBPNZD
240
British Pound/New Zealand Dollar
FXCM
Description
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Apr 10, 2024 10:19 AM
The GBPNZD broke through and closed below a short-term horizontal support level, which has now become a resistance level.
Given that the pair is currently in a downward trend, it is likely that we will see further bearish movement towards lower levels of support.
Selling targets are set at 2.0799 and 2.0706.
Support and Resistance
Supply and Demand
Chart Patterns
Comments
Xanrox
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Apr 11, 2024 7:20 AM
Definitely a good analysis, I think you can be right!
Sixth_sense_trading
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Apr 17, 2024 5:45 AM
@Xanrox
, a big NO
Sixth_sense_trading
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Apr 10, 2024 10:25 AM
if you check the daily and weekly timeframe, there's a massive demand zone right there where the bounce occured. My longs are protected and I won't be surprised if the market goes more up. CPI inbound, lets see what happens.
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