Reasons: Bearish Head & Shoulders @ Confluence of Resistance in higher time-frames. Stoch RSI is now "Over Sold", so a pull-back is needed for further bearish continuation. Past support should become future resistance and here we get a 61.8% Fibonacci retracement level as confluence. Trade Safe. :) Follow Me on: Twitter Like Me on: Facebook
Chatting on Forex Board with user JohnQuid got me interested in this potential EW pattern for GBPNZD. If we are in fact on leg 4 looking at key prices: 1.84327 1.97957 1.84327 holds price the next target is short to 1.73058 1.84327 does not hold, next stop is 1.97957 and Impulsive Wave 4<<>>5 is in play which is a pretty deep dive short I will update this ...
Finally, GBP/NZD pair breaks the resistance zone strongly. In H4 Chart, there is a corrective pullback sit well on the previsous resistance zone. It will be a great trade to long when there is a strong bullish bar appears as a signal to entry :) It will be a less risk with huge potential return trade :)
We have two scenarios But first the market must go to 1.75758 If 1.75267 was broken the market will go to 1.72648 If 1.75267 stayed strong the market will move to 1.78419 and it will move back to 1.72648 This is a new way in Elliott waves counting by time cycles more logical more Easier and more faster You will see my results :D