GBPNZD a little rally to the 61.8??
Dropping my thoughts on: GBPNZD
*4 Hour Timeframe
Parallel channel showing a nice decline since the 7th May 2019.
Decline showing on Weekly, Daily and 4 Hour.
A few things I see with this chart and not so straight forward....
1: In order for me to explore a possible 'buy' for a small rally of 100 pips or so....prices needs to close above my tapped off price of:1.89535, which is slightly above the 78.6
2: Where there is a 'pink' trendline you can also see a 'shooting star' formation [only on the 4H]
3: Could price retest this pink trendline and continue to decline a further 260 pips within this channel?....who knows!
One to watch and maybe catch some pips.
* This profile is for educational purposes ONLY!
* The trade idea given is my own perspective of the Forex market and by no means require action!
* Trading involves risk, past profits do not guarantee future results, so never risk what you are not willing to lose!
*4 Hour Timeframe
Parallel channel showing a nice decline since the 7th May 2019.
Decline showing on Weekly, Daily and 4 Hour.
A few things I see with this chart and not so straight forward....
1: In order for me to explore a possible 'buy' for a small rally of 100 pips or so....prices needs to close above my tapped off price of:1.89535, which is slightly above the 78.6
2: Where there is a 'pink' trendline you can also see a 'shooting star' formation [only on the 4H]
3: Could price retest this pink trendline and continue to decline a further 260 pips within this channel?....who knows!
One to watch and maybe catch some pips.
* This profile is for educational purposes ONLY!
* The trade idea given is my own perspective of the Forex market and by no means require action!
* Trading involves risk, past profits do not guarantee future results, so never risk what you are not willing to lose!
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