forexnoobmaster007

Buy GBPNZD : Inverted head and shoulder

Long
OANDA:GBPNZD   British Pound / New Zealand Dollar
The pair has formed an inverted head and shoulder patttern on daily basis. The prices are at the bottom of the second shoulder and is supported by 21 days EMA . Buy the pair as soon as the prices sustain above the necline at 1.93541 i.e. a daily closing above this level. The price may hover between the height of the second shoulder which is a good sign before a breakout. Once done, the first target will be at 1.95742, which is equivalent to the height of the shoulder and then at 1.98359. The stop loss for the trade is at 1.89833.
Comment: First target achieved...
Trade closed: target reached: Cheers!!!!!