GBPNZD
Time frame: (1H)
Short Target: 1.88073
Current Resistance: 1.87044
With the recent move out of the consolidation zone, the resistance of 1.87044 is now the support line.
My expected TP of wave #3 was originally 1.89747, however with the strong resistance @1.89538, the market has failed to break this zone on 7 different attempts.
So i'm going to make the assumption that this is the end of wave 3 and use the RSI regular divergence with a lower high and a higher high in price as my confirmation of an expected reversal.
placing a sell now for the start of wave 4 and expecting a 50% fall to 1.88073.
I will place a buy to go long @1.88073 with a TP @1.94298 to complete wave #5
TP #1 @ 1.88372
TP #2 @ 1.88073
Short Target: 1.88073
Current Resistance: 1.87044
With the recent move out of the consolidation zone, the resistance of 1.87044 is now the support line.
My expected TP of wave #3 was originally 1.89747, however with the strong resistance @1.89538, the market has failed to break this zone on 7 different attempts.
So i'm going to make the assumption that this is the end of wave 3 and use the RSI regular divergence with a lower high and a higher high in price as my confirmation of an expected reversal.
placing a sell now for the start of wave 4 and expecting a 50% fall to 1.88073.
I will place a buy to go long @1.88073 with a TP @1.94298 to complete wave #5
TP #1 @ 1.88372
TP #2 @ 1.88073
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