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GBP/NZD Potential Downward Movement

GBP/NZD Long-Term Trend: Bearish

Key Resistance Levels: 1.96348, 1.96926, 1.98136.

Key Support Levels: 1.95349, 1.93999, 1.93631.

Daily Time Frame:

The price on the higher time frame was in a clear uptrend until it failed to break a strong resistance around the 1.96348 NZD mark. as well, at the end of this trend we can see that the bars are overlapping which is a sign of exhaustion. The market posted an engulfing bearish pattern near the bespoke resistance which could lead to a move to the downside.

GBP/NZD Medium-Term Trend: Bearish

1-Hr Time Frame:

On the lower time frame, the price showed a Wyckoff distribution phase where the sellers took control of the market. Also we have the 61.80% Fibonacci retracement level which dragged more sellers and this will lead to a move to the downside toward the target profits.

Sell Limit Order @ 1.96312

TP 1 @ 1.95464

TP 2 @ 1.95349

Stop Loss @ 1.96641

Trade Safely 🙂

In many cases we manually use market orders instead of pending orders to trade the trading ideas we send you. This is higher risk, and you can decide if it suits your trading style.

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

2 comments

  1. Any updates on this? I was filled around the initial entry price. Currently in profit but seems to have found support at the gap fill around 1.9575. I’ve moved my stop to just past break even at this point but considering closing early for profits considering Christmas approaching.

    Cheers

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