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GBPNZD Bearish Cypher Pattern and Long Opportunity TP1 Reached 270 Pips

Use pullbacks as buying opportunities.

GBPNZD Bearish Cypher Pattern and Long Opportunity

This is a mid-term/long-term trade setup.

GBPNZD broke the bearish territory on H4 Chart and the price moved above EMA 50.

A bearish Cypher pattern completed at 1.88200 and Bearish Butterfly pattern would be completed at 1.89150.

Those patterns are signalling a bearish correction.

Our Midterm Trade Setup:

Pending Buy Order @ 1.86740 / Executed and 1.85600

Stop Loss: 1.84000

Target1:  1.90430   / TP1 Reached 270 Pips 

Target2: 1.91500

Target3:1.93400

Target 4: 1.95400

You can view the setup: GBPNZD Bearish Cypher

Update: Jan 1st  2019

As seen on the below chart, we have reached our first target and setup generated 270 Pips. A Bearish Butterfly pattern has been completed at D.A minor correction is being processed. We plan to add long positions by using pullbacks as buying opportunities. If the pair makes H4 Closing below 1.89500, it is likely to test 1.88000 and 1.87500. We will add long at 1.88000 and 1.87500. Our midterm targets are mentioned on the original setup.

 

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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

GBPNZD: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

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