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Gbpnzdsell

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.
Short
by Andy_Garcia_CMT_CFTe
GBP/NZD 1H Chart: Channel DownGBP/NZD 1H Chart: Channel Down The British Pound is losing value against the New Zealand Dollar in a short-term descending channel that formed in result of a rebound from the monthly R1 at 1.7916 made by the exchange rate two weeks ago. In the first hours of Monday trading session the currency pair made a number of attempts to break to the top, but was stopped by a combination of the pattern’s upper trend-line and the 55-hour SMA, which is moving precisely along the channel. For this reason, the rate is expected to gradually slip to the bottom towards the updated monthly S1 at 1.7486. In addition, given that in the upcoming three days there will be no fundamental data releases, the pair should not make a premature breakout from the formation.
by UnknownUnicorn890690