GBP/NZD- Short from resistance
Updated
Hello,
After seeing NZD announce tougher lockdown measures last night, the NZD took a dive fast. Obviously strengthening the GBP/NZD.
Usually after spikes in the market, the price then reverses over the next several days back to the original price. The pair is stalling at a major resistance and has now formed an indecision candle on the 8H.
We are now waiting on the market to either push up and break the 'R' and head up towards 2.02099 or to drop sharply back and trigger us into the short.
First target sits at 1.5R and the final target being 2.4R.
Good luck if you follow :)
After seeing NZD announce tougher lockdown measures last night, the NZD took a dive fast. Obviously strengthening the GBP/NZD.
Usually after spikes in the market, the price then reverses over the next several days back to the original price. The pair is stalling at a major resistance and has now formed an indecision candle on the 8H.
We are now waiting on the market to either push up and break the 'R' and head up towards 2.02099 or to drop sharply back and trigger us into the short.
First target sits at 1.5R and the final target being 2.4R.
Good luck if you follow :)
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