Possible downward continuation for GBPNZD
PAIR IN FOCUS: GBPNZD
ACTION: SHORT
2 possible routes for a Short plan:
- First route would be a direct drop from current price.
- Second route would be a further retrace higher and retest of the rising channel again before a drop.
Price has broken down from a rising channel and retested the lower bound of the channel. Expecting price to continue its breakdown towards the nearest support/resistance level @ TP 1. Observe for bearish price action before any entry.
The Entry Zone, TP Zone and Stop Loss have been indicated on the chart.
ACTION: SHORT
2 possible routes for a Short plan:
- First route would be a direct drop from current price.
- Second route would be a further retrace higher and retest of the rising channel again before a drop.
Price has broken down from a rising channel and retested the lower bound of the channel. Expecting price to continue its breakdown towards the nearest support/resistance level @ TP 1. Observe for bearish price action before any entry.
The Entry Zone, TP Zone and Stop Loss have been indicated on the chart.
Trade closed: target reached
TP Zone HIT! Price melted strongly into it after rejection of the rising channel in the Entry zone
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.