GBPNZD Price Action Analysis – 11th Dec 2018
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GBPNZD made a strong bearish move on the H4 chart yesterday. The price made a strong breakout at a strong level of support which played a very significant part on a number of occasions. Let us have a look at the H4 GBPNZD chart.
After making a double top, the price headed towards the South and made a breakout at 2.83325. The level of 1.81110 came into play. The level has been the resistance and holds the key for the next move. If the breakout level is held and produces an H4 bearish engulfing candle and then we get an H1 breakout at the level of 1.81810, then the price would head towards the further South by offering us a short entry. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.81810
- Stop Loss: 1.83325
- Take Profit: 1.79300
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
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All the GBP pairs look very active. It seems that GBP has been going down against its counterpart on all the pairs. I assume the GBP would keep going down for at least 2 more weeks of this year and another 2/3 weeks of 2019. The year 2019 could be very crucial for the GBP. If the price goes up, then it is fine. However, if the price goes down, then the GBP would be a weak currency. The price could come down to parity on GBPUSD. Let us see what happens next. These are the equations based on the Weekly chart. However, an H4 traders need to be aware of these every now and then.
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