Minor Pullback but Overall BEARISH ON GBPNZD
Initially, price was on an uptrend, making higher highs and higher lows.
Price then met resistance at the daily resistance/supply level.
Here price then formed a double top, which when a double top occurs at the end of an uptrend it can serve as a candlestick reversal pattern. With this formation also occurring at the daily resistance, this is potentially a strong bearish confluence or confirmation.
After the creation of the double top price then broke below the neckline, and it appears to have made a brief bearish push and formed a low.
Now I am expecting price to pullback and either test the neckline of the double top or at least pullback and test the 50.0 fib level. I think this would ultimately create a lower high and prepare price for its next major bearish push to the downside.
Feel free to like if you agree. If you see something else, leave a comment please.
Price then met resistance at the daily resistance/supply level.
Here price then formed a double top, which when a double top occurs at the end of an uptrend it can serve as a candlestick reversal pattern. With this formation also occurring at the daily resistance, this is potentially a strong bearish confluence or confirmation.
After the creation of the double top price then broke below the neckline, and it appears to have made a brief bearish push and formed a low.
Now I am expecting price to pullback and either test the neckline of the double top or at least pullback and test the 50.0 fib level. I think this would ultimately create a lower high and prepare price for its next major bearish push to the downside.
Feel free to like if you agree. If you see something else, leave a comment please.
