GBPNZD, 4hr timeframe, Sell on retest of resistance areaHello my friends,
GBPNZD currently very interesting as price broken below the short term trend line.
Also noticed that the last 2 candles on this chart looks like a bearish pinbar / shooting star candle.
I tried selling GBPNZD on the retest of broken zone of previous double top pattern.
Sell GBPNZD 1.9960
Stop loss 2.0035
Take profit 1 @ 1.9860
Take profit 2 @ 1.9770
Use proper risk management
Only risk 1-2% of your equity
Moved SL to entry once price touched TP1
Good luck
Gbpnzdanalysis
GBP/NZD Technical Analysis
The counter has formed a topping out formation in the near-term.
It made a double top and has broken a key support level of 1.99508.
Further, the round number of 2.00 can act as a psychological barrier in the near-term.
Though a pullback to the top cannot be ruled out, we still expect the pair to be bearish in the near-term.
GBP/NZD rejected from resistance area💡Hello traders,
Hope you all have a fantastic day !
I would appreciate any likes and follows from this idea, that would encourage me to publish more ideas and analysis.
GBP/NZD has been rejected from horizontal resistance and now will go lower to rest previous support.
Let us know what you think about this idea.
Trade safe !