GBP_NZD (260 Pips)
A double top formation on the weekly timeframe, combined with a close below the previous week's high, plus a week showing lower highs and lower lows - this typically suggests bearish momentum is building.
Here's why:
Double top: This is a reversal pattern showing price failed twice to break above a resistance level
Close below previous week: Indicates sellers are gaining control
Lower highs/lower lows: Classic definition of a downtrend beginning to form.
The likely direction over the next week would be downward, as these are multiple bearish confirmation signals occurring together.
End of week Target: 2.13965
Here's why:
Double top: This is a reversal pattern showing price failed twice to break above a resistance level
Close below previous week: Indicates sellers are gaining control
Lower highs/lower lows: Classic definition of a downtrend beginning to form.
The likely direction over the next week would be downward, as these are multiple bearish confirmation signals occurring together.
End of week Target: 2.13965
Note
SL: = 2.17000
Entry: = 2.16600
TP: = 2.13965
ROI: = 6.23
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.