Daily Price Action
Shares

GBPNZD: Further Weakness Likely Below 1.9660

Shares

Important: This site uses New York Close Forex Charts so that each 24-hour session starts and ends at 5 pm EST. These charts are essential for trading price action.

GBPNZD is at risk of closing below a significant level today.

This should be a familiar level to those of you who have been following along over the last few weeks.

The pound cross broke above rising wedge resistance on May 1st.

You can even see where the pair tested this level as new support on the 3rd.

Buyers did well to hold GBPNZD above it earlier this month. But that may be about to change.

Remember what I always say about topside breaks of ascending patterns?

You will receive one to two emails daily. See our privacy policy.

They don’t usually last!

In most cases, a break higher like the one here on GBPNZD is nothing more than a bull trap.

However, this is not a confirmed short just yet.

I have entered with a starter position, but I’m waiting for a daily close below that 1.9660 area before I scale in with size.

If GBPNZD closes the day back above 1.9660, I will exit with a small loss.

On the other hand, a daily close below 1.9660 would confirm the false break and expose wedge support near 1.9450.

That may just be the start, though.

A confirmed false break would likely trigger a move below wedge support to expose the next horizontal level at 1.9050.

But it all comes down to today’s close. That’s the key.

Want to see how we’re trading GBPNZD? 

Click Here to join us and save 40% – Ends May 31st!

GBPNZD rising wedge on the daily chart

About the Author Justin Bennett

Justin Bennett is an internationally recognized Forex trader with 10+ years of experience. He's been interviewed by Stocks & Commodities Magazine as a featured trader for the month and is mentioned weekly by Forex Factory next to publications from CNN and Bloomberg. Justin created Daily Price Action in 2014 and has since grown the monthly readership to over 100,000 Forex traders and has personally mentored more than 3,000 students.Read more...

follow me on:
  • Justin Bennett says:

    Now you can get access to the same professional Forex charts I use!

    Get access today: http://bit.ly/2UzPyiR

    These charts give you five 24-hour sessions each week. They are essential if you trade from the daily or 4-hour time frames. Anything else can produce false buy and sell signals.

    Download the platform here: http://bit.ly/2UzPyiR

  • Nyala says:

    Thanks sir it help me lot.

  • Adebayo saheed says:

    Thanks Justin..your analysis help a lot…all eyes on it

  • Chris says:

    I entered short at 1.9650, will see how it goes then

  • Tony says:

    Please UN subscribe

  • Anthony says:

    Hello Justin , I have tried to open an account with your blueberry link but it gave me an internal error response so I had to register directly with them and now waiting for approval. With this how can I get access to your membership forum and possible credit of the registration fee.

    Thanks

  • >
    Get 40% Off Lifetime Access to Justin's Forex Community - Ends August 31st!