Using only price action, GBP/NZD broke the big ascending formation (daily chart) and managed to create a beautiful continuation pattern in order to be able to continue for more downside.
Note that when the price is this corrective inside a continuation pattern formation, expect to see a very strong and quick breakout to the downside.
This trade was sent to my community members when the price was at 1.9457 and for now, we are profitable. Our first target will be the beginning of the bearish flag at 1.93348. Breaking it will push the price towards the 78.2% Fibonacci Extension at 1.9232 and the 100% Fibonacci Extension at 1.91557.
Long-term, I expect more downside for EURNZD, EURAUD, GBPNZD, and GBPAUD. Great short setups on all of them. Make sure to capitalize and manage your risk properly.
Note that when the price is this corrective inside a continuation pattern formation, expect to see a very strong and quick breakout to the downside.
This trade was sent to my community members when the price was at 1.9457 and for now, we are profitable. Our first target will be the beginning of the bearish flag at 1.93348. Breaking it will push the price towards the 78.2% Fibonacci Extension at 1.9232 and the 100% Fibonacci Extension at 1.91557.
Long-term, I expect more downside for EURNZD, EURAUD, GBPNZD, and GBPAUD. Great short setups on all of them. Make sure to capitalize and manage your risk properly.
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