GBPNZD: The Price Reversal from 2.04000 Resistance Zone

Here is another market which looks interesting from my point of view. The price reached the resistance zone at 2.04000 level. You can see this zone in the daily and weekly timeframes. The price bounced from this resistance, and we have a bearish signal. RSI is going to confirm the price reversal. The same goes about MACD histogram. DMI is bullish, and it confirms the strength of buyers. But at the same time, we have another bearish signal, which is based on a reversal candlestick pattern.

The market looks more bearish, and it can provide different sell opportunities from the daily and lower timeframes. Stop orders for short trades must be placed above the local swing high and 2.04000 resistance. Profit targets can be at SMA100 and SMA200.



Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.