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 🙂
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.
Trade it however you like Andrew, all updates on our trades are always provided in the VIP group.