GBPNZD, 240 min
The pair is moving lower after creating a shooting star candle in the daily timeframe at the upper daily Bollinger Bands. In the 4h picture GBPNZD is oversold as per Stochastics and Bollinger Bands but in the daily timeframe Stochastics is only just now giving a sell signal. Also, price is edging closer to a 50 period moving average in the 4h chart. This suggests that it’s better to wait for a rally higher to engage on shorts. A rally to 2.2112 or inside the range of 2.2112-2.2269 with proper short signals would justify taking risk on the short side. In such a case my Target 1 is at 2.1907 and Target 2 at 2.1720.
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