GBP/NZD: SHORT - False breakout/Rejection from trend-line
TECHNICALS:
1.
- Price broke through the descending trend line acting as resistance yesterday (02/07/2018)
- However today has come lower to possibly close within the trend-line again
- This looks like a false breakout at the moment, however will need to be confirmed
on a higher time-frame such as the weekly before entering a position
2.
- False breakout/intersection with trend-line coincides with the 78.6 fib level of the recent bearish move (16/05/2018 - 05/06/2018)
3.
-Potential double top formed on higher timeframes, doesnt look very clean however
- Waiting for price to break the current ascending channel trendline
FUNDAMENTALS
- Still alot of fear surrounding brexit, until that subsides I think this should keep price down
Appreciate any thoughts, comments.
Thanks for reading,
James
1.
- Price broke through the descending trend line acting as resistance yesterday (02/07/2018)
- However today has come lower to possibly close within the trend-line again
- This looks like a false breakout at the moment, however will need to be confirmed
on a higher time-frame such as the weekly before entering a position
2.
- False breakout/intersection with trend-line coincides with the 78.6 fib level of the recent bearish move (16/05/2018 - 05/06/2018)
3.
-Potential double top formed on higher timeframes, doesnt look very clean however
- Waiting for price to break the current ascending channel trendline
FUNDAMENTALS
- Still alot of fear surrounding brexit, until that subsides I think this should keep price down
Appreciate any thoughts, comments.
Thanks for reading,
James