4 May 2016

GBP/NZD MAY BE WORKING ON AN INVERSE HEAD AND SHOULDERS PATTERN

GBP/NZD DAILY

The rate seems to be working on an inverse head and shoulders pattern after breaking the 9-month falling trendline.

For any new long positions, however, it first needs to overcome the falling gap resistance from the last week. Such a break should open up a way towards the next major level - 2.1500 (old support becoming new resistance).

Stops should be based below the potential right shoulder at 2.0800.

As I have mentioned before my longer term target still stands at 2015 highs at around 2.5000





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