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British Pound / New Zealand Dollar

GBPNZD shorting opportunity

By CroomFX
Price has failed to break 1.74800 for wave 3, 5, and B. Heavy consolidation during Wave 5 which was the last chance for buyers to reach higher highs, however price halted and broke the bullish Trend-Line. For B we had confluence with a retest of the broken trend-line and a retest of the supply zone. Looking to see how price reacts to the lower zone, if we get a break of the lowest Trend-line that would validate the bearish move a bit more. Ideal time to sell would be a break of the lower zone.
corrective-waveElliott WaveGBPNZDh1hourlySupply ZoneSupport and Resistancetrend

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