Keep a look out for potential Short entry on GBPNZD, looking for a break below this short multi-week trend
Key levels are as follows :
*2.0119 - 2.0152 - resistance zone
*1.9943 - previous higher lows, potential bouncing point for start of consolidation below trend or a reversal point back into trend
Observations for Bearish sentiment :
1 - Oscillators showing bearish divergence on starting from 30m to 4H.
2 - For now it looks like it is not ready to test the trend support, oscillators showing a reversal from oversold if that's your thing.
3 - Price action looks exhaustive and unable to continue above resistance zone, will see if this short term upside move (point 2) will break that
Trade plan :
1 - For now look out for formation of consolidation below trend , NO ENTRY FOR NOW
Will update accordingly
* price levels might differ based on the broker you are using, however the underlying principle is the same. If the target is the previous price high point, do adapt that level based on what you see on your broker's chart
Key levels are as follows :
*2.0119 - 2.0152 - resistance zone
*1.9943 - previous higher lows, potential bouncing point for start of consolidation below trend or a reversal point back into trend
Observations for Bearish sentiment :
1 - Oscillators showing bearish divergence on starting from 30m to 4H.
2 - For now it looks like it is not ready to test the trend support, oscillators showing a reversal from oversold if that's your thing.
3 - Price action looks exhaustive and unable to continue above resistance zone, will see if this short term upside move (point 2) will break that
Trade plan :
1 - For now look out for formation of consolidation below trend , NO ENTRY FOR NOW
Will update accordingly
* price levels might differ based on the broker you are using, however the underlying principle is the same. If the target is the previous price high point, do adapt that level based on what you see on your broker's chart