GBPNZD rejects the highs of the range

GBPNZD rejects the highs of the range

The GN rejected the 1.92 level and quickly dropped 250 pips and now is trading inside of a continuation pattern (triangle).

Structurally speaking price is still trading inside of a bullish structure but the breakout of the continuation pattern (break of the lows) will bring sellers in and the immediate bullish structure will also break.

It´s important to notice that we are trading inside of a mid term range since the beginning of December but are trending down since the April highs around 2.10

Please note that the rejection of the 1.92 level comes with heavy bearish divergence, pointing at a high probability of dying bullish momentum.

The higher probability trade is to the downside. The first level to look for support (i.e. first bearish targets) would be around the 1.8850

Validation Level: 1.8995
Invalidation Level: 1.9110

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Author : Orlando Gutierrez

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