As we can see, GBP/NZD is failling to establish it's support zone. As soon as the support line is broken, we can expect the bearish trend to continue until it's next support.
Remember, preserving your money always comes first in trading. Your second goal is to grow your portfolio.
GBPNZD has Formed Strong Bullish Pattern on Weekly Chart Which confirms that bulls are in control now. 1.91421 is crucial resistance on upside. I am bullish on this currency only above 1.91600 for the targets of 1.94000 and 1.95800 with stoploss of 1.89000
A shooting star has formed and prices does not seem to be able to go any higher.
It's still currently in a long term bearish trend and we can expect it to fall further below if the current support is broken.
Trade with care.
The 4 hour time frame for GBPNZD shows a nice bounce back of the support level that created a new ascending trading range. possible targets are the next 2 resistance levels that could be hit within the next 3 days since its the 4 hour time frame. Now when you go to the daily and weekly time frame you will even see a possible target of at least 1.88 long term. next...
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. :)
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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 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...