GBPNZD Long - Inverted H&S as well as Cup & Handle formation
Last week GBPNZD closed above 1.97 neckline of an inverted Head & Shoulder as well as Cup & handle formation.(Watch the weekly close).
Price is very bullish on both monthly & weekly.
Initiated a long at 1.9725 and SL below 1.96. Will add to the position. See the updated 4 hourly Chart below.
Measured target profit is 2.1 (YES, you read is correct and its over 1000 pips).
However, strong resistance at 2.038 and worth taking some profit there.
Good luck.
Price is very bullish on both monthly & weekly.
Initiated a long at 1.9725 and SL below 1.96. Will add to the position. See the updated 4 hourly Chart below.
Measured target profit is 2.1 (YES, you read is correct and its over 1000 pips).
However, strong resistance at 2.038 and worth taking some profit there.
Good luck.
Trade active
If you've missed, buy the pullback at around 1.9775 with SL as per the main post. However, if you want to be conservative with the SL then 1.9690 is a good place to consider. Note
Initiated 2nd long on successful retest of the trendlineNote
TP hit for 2nd Long and the initial trade still in play and setup and target of initial plan is still valid.
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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.