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GBP/NZD Trade idea

Wednesday, May 11, 2016 12:33 PM UTC

Candlestick pattern formed- Shooting Star
Potential reversal Zone (PRZ) -2.1485
GBP/NZD recovered from the low of 2.1147 at the time of writing. It is currently trading around 2.1246.
Short term trend is still weak as long as resistance 2.1485 holds.
On the lower side major support is around 2.109 (55 day EMA) and any break below targets 2.0940/2.0800.
Any break above 2.1485 will take the pair to next level till 2.165/2.16775 (161.8% retracement of 2.1345 and 2.0809).

It is good to sell on rallies around 2.12400-2.1450 with SL around 2.1485 for the TP of 2.0940/2.0800

R1-2.1350

R2-2.1485

R3-2.165

Support

S1-2.109

S2-2.0940

S3-2.0800

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GBP/NZD Trade idea

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