GBPNZD Sell Limit: Shorting from Key Resistance at 2.2590

📉 GBPNZD: Sell Limit Trade Idea (Intraday)

Published: 27/03/2025 16:06 | Expires: 28/03/2025 15:00

Overview
Trading Bias: Mixed and volatile, with a preference to sell into rallies.

Market Context: GBPNZD has been showing short-term volatility, with the RSI trending higher, indicating potential for a temporary move upward before resuming the downtrend.

Trade Details

• Entry (Sell Limit): 2.2590
  
• Stop Loss: 2.2650 (-60 pips)
  
• Take Profit: 2.2350 (+240 pips)
  
• Risk/Reward Ratio: 4:1
  

Key Levels
Resistance Levels:

• R1: 2.2590 (Bespoke resistance, preferred entry point)
  
• R2: 2.2620
  
• R3: 2.2680
  

Support Levels:

• S1: 2.2450
  
• S2: 2.2400
  
• S3: 2.2330
  

Rationale
Preferred Setup: We expect a temporary rally into resistance at 2.2590, providing a favorable entry point to initiate short positions.

Momentum: While RSI indicates higher momentum in the short term, this aligns with a corrective rally rather than a sustained bullish move.

Volatility Risks: Key UK economic events (retail sales figures and national accounts) on 28/03/2025 at 07:00 GMT could trigger significant price swings. Traders should closely monitor these data points.

Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.