GBPNZD had a crucial 4 hour candle that not only maintained the bearish strength over the last 24 hours but also reinforced the new low that was created.
Expect minor retrace to retest the 2 descending blue lines...but more importantly, keep a close eye on the horizontal red line. Market should stay below or defend this line in order for the bears to keep control of the current movements.
I recommend selling GBPNZD for the next day or two minimum as long as this level continues to hold on the 4 hour time frame.
Please do your own analysis before entering a trade. If you like what you see or have questions, comment/like/follow.
On a long term scale I am looking for GBPNZD to go long....but at the moment bears have been and still control the current trend. GBPNZD has high volatility so it is not unlikely that tomorrow we could be trading 1-200 pips or more lower than 2.20
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Very easy multi hundred pip trade +1 to anyone that gained from this. Cheers. If profit isn't taken or locked, I would recommend doing one of those.
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fdtbeijing
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very impressive analysis , GBPNZD goes down to 2.1 level, i will consider to go long . for the moment, NZD seems to be the bright star among commodity currency blocks .
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Thank you very much! I would definitely be more inclined to look for buying opportunities at those levels than selling....we'll see what the market shows us when/if we get there! Happy Holidays!
Ha-ve
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Fine ! A good analysis!
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Thank you :) Appreciate the feedback. Enjoy your holidays!