GBPNZD Long - Inverted H&S as well as Cup & Handle formation
Last week GBPNZD closed above 1.97 neckline of an inverted Head & Shoulder as well as Cup & handle formation.(Watch the weekly close).
Price is very bullish on both monthly & weekly.
Initiated a long at 1.9725 and SL below 1.96. Will add to the position. See the updated 4 hourly Chart below.
Measured target profit is 2.1 (YES, you read is correct and its over 1000 pips).
However, strong resistance at 2.038 and worth taking some profit there.
Good luck.
Price is very bullish on both monthly & weekly.
Initiated a long at 1.9725 and SL below 1.96. Will add to the position. See the updated 4 hourly Chart below.
Measured target profit is 2.1 (YES, you read is correct and its over 1000 pips).
However, strong resistance at 2.038 and worth taking some profit there.
Good luck.
Trade active:
If you've missed, buy the pullback at around 1.9775 with SL as per the main post. However, if you want to be conservative with the SL then 1.9690 is a good place to consider.
Comment:
Initiated 2nd long on successful retest of the trendline
Comment:
TP hit for 2nd Long and the initial trade still in play and setup and target of initial plan is still valid.
