GBPNZD update on 11/11/2019

GBPNZD update on 11/11/2019

87 Views

Technical analysis

 

With stronger up move, GBPNZD was reaching its highs at 2.05514 in October 2019, so technically it was also ended with the 5th wave. Currently GBPNZD has been starting to correct toa lower price level and the A leg is now forming.

For a trading strategy for GBPNZD, we see now it is the right time for a middle term short GBPNZD to a lower price level. To this update time, GBPNZD is trading at 2.01176 and already broken down our pivot point at 2.01494 and also the support zone at 2.0100 at the H8 TF.


For the next lower levels, there are some further support zones at:

  1. 1.99300
  2. 1.96300
  3. 1.92066

When first support zone at 1.99300 being reached, and broken down, move your stop loss to breakeven should be a good choice.

Stop loss level just put above the recent highs at 2.0580.

Take your look at the depicted chart below for more info:

 

Our trading robot just sent out a signal to short GBPNZD, too:

Join our signals site for on time updated trading signals at: https://signals.tradingscenes.com