GBPNZD Forecast and Trade Setup for 20th March, 2014
Hourly Chart
Both charts is H1, (One with Pattern drawn in one without)
- We are trading into resistance, and with Price action performing minor pin bars, I was not too convinced to take a short due to the recent bullish momentum
- And the fact that price has been sitting around this area, is not appealing to me for a short
- I'd be more intended to short it at the confluence of the 78.6fib and 161.8fib ext and a trend line which also can be a bat pattern
- Stochs will also diverge if so
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