GBPNZD forming bearish head and shoulders?
GBPNZD - 24h expiry
Price action looks to be forming a top.
A bearish Head and Shoulders is forming.
As this corrective sequence continues we look to set shorts on a rally at better risk/reward levels.
The 50% Fibonacci retracement is located at 2.0790 from 2.0915 to 2.0666.
The hourly chart technicals suggests further upside before the downtrend returns.
We look to Sell at 2.0790 (stop at 2.0840)
Our profit targets will be 2.0670 and 2.0640
Resistance: 2.0790 / 2.0840 / 2.0900
Support: 2.0690 / 2.0625 / 2.0560
Risk Disclaimer
The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy.
Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
Price action looks to be forming a top.
A bearish Head and Shoulders is forming.
As this corrective sequence continues we look to set shorts on a rally at better risk/reward levels.
The 50% Fibonacci retracement is located at 2.0790 from 2.0915 to 2.0666.
The hourly chart technicals suggests further upside before the downtrend returns.
We look to Sell at 2.0790 (stop at 2.0840)
Our profit targets will be 2.0670 and 2.0640
Resistance: 2.0790 / 2.0840 / 2.0900
Support: 2.0690 / 2.0625 / 2.0560
Risk Disclaimer
The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy.
Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
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