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Gbpnzdshort

GBPNZD H1 ANALYSISHello traders, we currently have a short setup for GBPNZD on the H1 timeframe. Price is respecting many confluence areas, allowing a good probability setup to go short. If you are in this trade, or if you are not in this trade let's discuss why and why not in the comments section below. I will be giving real time updates on my trades as it progresses. If you feel like you're learning, please give us a follow and like the post to help others like you also learn in the forex markets. Study hard! *Disclaimer*: This trade analysis was conducted by myself and is by no means a trade signal. This trade analysis is based off my opinions and is by no means indicative of future price action.
Short
by ApexParagon
GBP/NZD High Probability ShortThe head and shoulders pattern is almost complete for this pair if we take a horizontal neckline. On top of this, New Zealand are releasing their Visitor Arrivals data, which will be down due to the current climate. However, there is a real chance these numbers could fall even lower than than forecasted, putting more downward pressure on NZD, further supporting this trade. On top of this, the horizontal neckline assumption coincides with the 0.618 Fibonacci level, so breaking this support is definitely key. Let me know what you think!
Short
by adamh20
2
Two possible scenarios for GBPNZD next week.. On screen analysisWe are in the middle of a pandemic right now with everything that is going on with the Corona virus. It seems to me that Australia and New Sealand were hit hard economically and will be in the next few weeks. My eyes will be on a long trade to the same level of the spike on March 8 which is a Monthly support and resistance level @2.17 On the other hand there could be a big change of events which could lead to a decline in value of the British Pound. Therefor we will first see a clear break of the recent Up trend and probably support turning in to resistance @2.02. When this happens my target will be 1.94 in a short trade. Trade with care and caution! I will keep you posted on this one.
by Cas4xx
1