GBPNZD Short - Multi Timefame Analysis

2019-12-09 16:47:20

* GBPNZD Forming LH & LL on weekly and daily and stuck within a descending channel for last 2 months
* GBP had an extended move last week on election rumour but rejection at channel top last week
* Considering Election uncertainty on 12th Dec, it's unlikely to break to the upside before the result.
* After Friday's bearish engulfing candle close, price has retraced to 61.8% fib and previous support-now resistance at 2.0080-2.0100 area.
* Price seems to be respecting the level on lower time frame, there's RSI divergence on 1Hr timeframe and I believe this could be a good place to short