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GBPNZD: Further Weakness Likely Below 1.9660

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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?

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.

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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? 

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GBPNZD rising wedge on the daily chart

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6 comments
Justin Bennett says

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Nyala says

Thanks sir it help me lot.

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Adebayo saheed says

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

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Chris says

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

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Tony says

Please UN subscribe

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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

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