Gbpnzdsell
GBPNZD 600+ LandSlide Trade?GBPNZD Has broken a key level that exist on the daily and weekly chart. GBPNZD has a bearish overview. The analysis shows the bears was able to break through key levels that has existed for a long time. GBPNZD bearish momentum has continued for several months and the down trend does not appear to be over.
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-StampsFX
GBP/NZD - 200 Pips OpportunityAs we can see, GBP/NZD is failling to establish it's support zone. As soon as the support line is broken, we can expect the bearish trend to continue until it's next support.
Remember, preserving your money always comes first in trading. Your second goal is to grow your portfolio.
Trade safely.
GBPNZD Head and Shoulders ShortTake a look at the daily chart and you can see the head and shoulders pattern developing. At the moment the right shoulder is just being formed, but the swing high is complete at the right shoulder suggesting more downside. You can see that the recent high coincides with the high established where the left shoulder is. This is an aggressive entry. Most will wait until the pattern is complete. That would trigger an entry around 1.88 however an entry here will allow for a much smaller risk policy with as little as a 200 pip stop. Notice that the potential reward is around 1,500 pips. Another confirmation to add is to look at the monthly chart and you will see that the recent high which creates the head of the pattern also lines up with the monthly 50 sma thus providing a huge level of resistance where the head of the pattern is formed. However if the move goes above the proposed right shoulder then it would be best to exit the trade and wait until the head is testes thus providing a double top. Either way this market is starting to show that a down move is in the making.