GBPNZD Technical Analysis And Trade Idea
GBPNZD ended the week at 1.92700, below EMA 50 and MA 100 on the H4 Chart Timeframe. RSI headed South. MA 100 on the daily chart is at 1.92400. The pair is resting the critical support.
As seen on the H4 chart, the pair completed a bearish continuation wedge pattern. And we see a harmonic XABCD formation.
The pair is likely to test 1.91900 Fibonacci 61.8% of the XA Leg, and if it breaks below 1.91800, 1.91000 Fibonacci 78.6 % will be the next target.
Markets are closed now. Price can make a retracement toward 1.93000,
Our trade idea is to short the pair targeting 1.91900 and 1.91000. Entry alerts with stop loss and take profit levels will be sent to members.
We will look for a Long opportunity at 1.91000 – 1.90600 regions. We will send long entry alert for the members as well.
You can follow the trade: GBPNZD TRADE IDEA
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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
GBPNZD Technical Analysis: 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