GBPNZD: A Break below 590 should result in trading below 468
3 reasons to believe that breaking below 2.0590 should result in trading below 2.0468:
1. Yesterday hi was extremely close to the Marji retracement level 71.4%, one of my top favorite retracements.
2. Clear A-B-C corrective pattern rising from Apr 20th lo.
3. The very elegant rising hourly channel has its bottom at 2.0590, and if the bottom of this channel is broken, then we will have 3 reasons to believe that there is a very good opportunity to sell this pair for a target of 100 pips. The target for a short position should be below Apr 20th lo 2.0468.
Good Trading & Good Luck!
Munther T. Marji CMT
1. Yesterday hi was extremely close to the Marji retracement level 71.4%, one of my top favorite retracements.
2. Clear A-B-C corrective pattern rising from Apr 20th lo.
3. The very elegant rising hourly channel has its bottom at 2.0590, and if the bottom of this channel is broken, then we will have 3 reasons to believe that there is a very good opportunity to sell this pair for a target of 100 pips. The target for a short position should be below Apr 20th lo 2.0468.
Good Trading & Good Luck!
Munther T. Marji CMT